EUR/USD Signal Update
Last Thursday’s signals produced a winning long trade following the bullish break of a supportive pin candle rejecting the support level identified at 1.1075.
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 1.1075.
* 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.
Long Trade 2
* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of the trend line currently sitting at about 1.1040.
* 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 3
* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1003.
* 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.
EUR/USD Analysis
I had anticipated that there would be probable support at 1.1075 and this line has held over the past few days. However the price has not really been able to make new highs so it continues to drift downwards towards testing that price level again. There are a few potential area of support stretching down to 1.1000 and I think there will probably be a meaningful bullish bounce from somewhere between 1.1075 and 1.1000.
There is nothing due today concerning either the EUR or the USD.