EUR/USD Signal Update
Last Thursday’s signals were not triggered.
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 1.0900.
* 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 1.0967 and 1.0984.
* 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
This pair has been weak, I had expected we would get some kind of fairly strong bullish bounce in the area around 1.1000 but in fact we have come all the way back down to the lowest bullish trend line from where we are now getting a bullish move.
It looks as if we are now heading to the zone that was formerly supportive about 20 pips or so above where the price is at the time of writing. An entry into this zone could provide an opportunity to get short. When going short, watch out for the supportive trend line shown in the chart, and the round number at 1.0900 below that as potential support.
There is nothing due today concerning either the EUR or the USD.