EUR/USD Signal Update
Last Thursday’s signals expired without being triggered as the bearish price action took place above 1.1315.
Today’s EUR/USD Signals
Risk 0.75%
Trades may only be taken between 8am and 5pm London time today.
Long Trade 1
* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1162.
* Place 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 price reaches 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 1.1075.
* Place 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 price reaches 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 entry into the zone between 1.1337 and 1.1400.
* Place 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
This pair reached new heights last Thursday, getting up to about 1.1375 before falling back and threatening 1.1200 eventually this morning.
I still have an overall bullish bias and would not be surprised to see another strong move upwards from here. However getting past the area around 1.1400 might be challenging as this was a strongly resistant area for a few months. It will quite probably take some time before this level can be beaten.
Below, the level at 1.1162 should be strong support, and the area below there.
There is nothing due today concerning the USD. Regarding the EUR, the President of the ECB will be speaking at 2pm London time.