EUR/USD Signal Update
Yesterday’s signals did not produce any trades as there were hourly closes below 1.1003.
Today’s EUR/USD Signals
Risk 0.75%
Trades may be taken between 8am and 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 entry into the zone between 1.1003 and 1.0967.
* 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 1.0940.
* 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 the trend line currently sitting at about 1.0913.
* 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 touch of 1.1080.
* Place the stop loss 1 pip above the local swing high.
* Move the stop loss to break even once the trade is 25 pips in profit.
* Take off 50% of the position as profit when the price reaches 25 pips in profit and leave the remainder of the position to ride.
EUR/USD Analysis
The price has been supported by the big 1.1000 number. It would probably move up from here and would look like a very obvious trade, but the extreme weakness of the British Pound and the possibility of a British exit from the European Union is weighing heavily upon the Euro. As such there are several levels not far below from which a long trade can be taken, but be careful and expect to see some momentum to confirm the entry.
There is nothing due today concerning the EUR. Regarding the USD, there will be a release of Crude Oil Inventories data at 3:30pm London time.