EUR/USD Signal Update
Last Thursday’s signals expired without being triggered as there was no bearish price action between 1.1136 and 1.1151.
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.
Short Trade 1
* Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1232.
* 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
The price has fallen a fair amount since it tried to break up past 1.1232, and may have found minor support at around 1.1120. However I see the real key support as more likely to be located at 1.1075. The pair can now be said to be in an upwards trend so it might pay off not to be too fussy about the precise location of long trade entries.
In any case it is probably going to be a very quiet day as it is both a Monday and also because there are no high-impact news events scheduled.
There is nothing due today concerning either the EUR or the USD.