EUR/USD Signal Update
Yesterday’s signals expired without being triggered as the price reached 1.0550 only after London closed.
Today’s EUR/USD Signals
Risk 0.75%
Trades must be entered before 5pm London time today only.
Long Trade 1
* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.0550.
* Put the stop loss 1 pip below the local swing low.
* Move the stop loss to break even once the trade is 20 pips in profit.
* Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.
Long Trade 2
* Go long 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.
* Put the stop loss 1 pip below the local swing low.
* Move the stop loss to break even once the trade is 20 pips in profit.
* Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.
Long Trade 3
* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.0462.
* Put the stop loss 1 pip below the local swing low.
* Move the stop loss to break even once the trade is 20 pips in profit.
* Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.
Short Trade 1
* Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of the bearish trend line currently sitting around 1.0633.
* Put the stop loss 1 pip above the local swing high.
* Move the stop loss to break even once the trade is 20 pips in profit.
* Take off 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to ride.
Short Trade 2
* Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.0708.
* Put the stop loss 1 pip above the local swing high.
* Move the stop loss to break even once the trade is 20 pips in profit.
* Take off 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to ride.
EUR/USD Analysis
Nothing very surprising happened yesterday, the price is just moving within the inner channel of the very long-established bearish channel, in a slow downwards direction.
The price did just kiss the anticipated support level at 1.0550 and then reacted with strong bullishness, although the price has fallen again during the Asian session and at the time of writing we are back below 1.0600.
The next few hours will probably be quiet until the ECB press conference and US data due later which are quite likely to dramatically move the price of this pair. It will most likely be a good idea not to enter any new trades until the market has settled a little after that press conference.
Regarding the EUR, the ECB will be presenting the Minimum Bid Rate at 12:45pm London time, followed 45 minutes later by the traditional press conference. Concerning the USD, there will be a release of Unemployment Claims data at 1:30pm followed by ISM Non-Manufacturing PMI and testimony from the Chair of the Federal Reserve.