EUR/USD Signal Update
Yesterday’s signals expired without being triggered.
Today’s EUR/USD Signals
Risk 0.75%
Trades must be entered between 8am and 5pm London times today only.
Long Trade 1
* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.0875.
* 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 price reaches 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 1.1000.
* 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 of 1.1053.
* 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
As expected, yesterday was very quiet, and the price really went nowhere. Although we are still in the holiday season, volumes should be more normal today, and we are likely to see more price movement. The nearest key level we are close to is the resistance at around 1.1000, so the best bet for support and resistance trading today would be for an early rise to that round number, followed by a bearish reversal giving a short trade.
It should be remembered that as long as we cannot really get established above the zone from 1.1000 to 1.1100 that we remain within a long-term downwards trend.
There is nothing due today concerning the EUR. Regarding the USD, there will be a release of CB Consumer Confidence data at 3pm London time.