EUR/USD Signal Update
Yesterday’s signals correctly forecasted support at 1.1003 to the pip, but the price action that occurred there was not clearly bullish so this probably would not have produced a long trade.
Today’s EUR/USD Signals
Risk 0.75%
Trades must be entered before 5pm London time today only.
Long Trade 1
* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1003.
* Put 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 the trend line currently sitting at about 1.0938.
* Put 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 3
* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of the trend line currently sitting at about 1.0908.
* Put 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 1.1080.
* Put the stop loss 1 pip above the local swing high.
* Adjust the stop loss to break even once the trade is 25 pips in profit.
* Remove 50% of the position as profit when the price reaches 25 pips in profit and leave the remainder of the position to run.
EUR/USD Analysis
The price broke down past the level I had identified at 1.1075 which was supportive for a while. The decline stopped just short of the key support at 1.1000 and has been rising since. We can expect key support to kick in at 1.1000 or lower towards 1.0900 perhaps where traders will be looking to buy.
If the rise fails at 1.1080, there would be an opportunity there for a quick short back to at least 1.1000 or nearby.
Concerning the EUR, there will be a release of German IFO Business Climate data at 9am London time. Regarding the USD, there will be a release of CB Consumer Confidence data at 3pm.