EUR/USD Signal Update
Yesterday’s signals were not triggered and expired.
Today’s EUR/USD Signals
Risk 0.75%
Trades may only be entered 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 1.0800.
* 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.
Long Trade 2
* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.0772.
* 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.
EUR/USD Analysis
The pair remains in a ranging mode, but the chart is now suggesting some kind of small move down. However there appears to be support in a zone stretching from about 1.0850 down to the round number at 1.0800, so a bullish turn after we fall a little more today could be very likely.
The best way to trade this pair is for short-term gains at turns close to the major support and resistance levels.
Concerning the EUR, there will be a release of German ZEW Economic Sentiment data at 10am London time. There is nothing due regarding the USD.