EUR/USD Signal Update
Yesterday’s signals expired without being triggered as none of the key levels were reached.
Today’s EUR/USD Signals
Risk 0.75%
Trades may only be taken between 8am and 5pm London time today.
Long Trade 1
* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.0550.
* Place the stop loss 1 pip below the local swing low.
* Adjust the stop loss to break even once the trade is 20 pips in profit.
* Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.
Long Trade 2
* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of the lower channel trend line currently sitting at around 1.0515.
* Place the stop loss 1 pip below the local swing low.
* Adjust the stop loss to break even once the trade is 20 pips in profit.
* Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.
Long Trade 3
* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.0462.
* Place the stop loss 1 pip below the local swing low.
* Adjust the stop loss to break even once the trade is 20 pips in profit.
* Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.
Short Trade 1
* Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of the bearish trend line currently sitting around 1.0650.
* Place the stop loss 1 pip above the local swing high.
* Adjust the stop loss to break even once the trade is 20 pips in profit.
* Remove 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to run.
Short Trade 2
* Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch 1.0708.
* Place the stop loss 1 pip above the local swing high.
* Adjust the stop loss to break even once the trade is 20 pips in profit.
* Remove 50% of the position as profit when the price reaches 20 pips in profit and leave
the remainder of the position to run.
EUR/USD Analysis
Sentiment turned against the USD yesterday and although the EUR was very weak anyway the price did manage to get up above the round number at 1.0600 and break up above the first inner bearish trend line.
If we continue to move up to 1.0650 it is quite likely to give an excellent chance to be positioned short before some of the key announcements we are going to get that will affect both sides of this pair over the remainder of this week.
There is nothing due today regarding the EUR. Concerning the USD, there will be a release of the ADP Non-Farm Employment Change at 1:15pm London time. Later at 5:25pm the Chair of the Fed will be speaking.