EUR/USD Signal Update
Yesterday’s signals were not triggered as there was no bearish price action at 1.1302.
Today’s EUR/USD Signals
Risk 0.75%
Trades must be taken 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 1.1302.
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.
Move 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to run.
Short Trades
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1337 or either trend line or 1.1400.
Put the stop loss 1 pip above the local swing high.
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.
EUR/USD Analysis
We have had some meaningful bullish activity, with the former resistance level at 1.1302 pretty clearly flipping to become support. At the time of writing the price is moving upwards and is about to test the level at 1.137 which looks as if it might well break. However a reversal here might be a short trade. If the level does break, we can look to a rejection at either of the trend lines, or even the round number above them at 1.1400, as levels at which it becomes possible to look for a short.
Regarding the EUR, there will be a release of German ZEW Economic Sentiment data at 10am London time. Concerning the USD, there will be a release of Building Permits data at 1:30pm.