EUR/USD Signal Update
Yesterday’s signals were not triggered as there was no bullish price action at either 1.1340 or 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 1.1234 or 1.1173.
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 Trades
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1302 or 1.1340.
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
The Euro fell quite strongly yesterday over fears that the ECB may announce measures today that will significantly weaken the currency. Although the trend lines were somewhat ambiguous and did not capture the moves very accurately as support or resistance, the horizontal levels that were involved yesterday seem to have held up very well, with 1.1340 and 1.1302 looking as if they have now flipped to become solid resistance.
There is still something of a medium-term upwards trend, but overall I take no bias.
Regarding the EUR, the ECB will announce the Minimum Bid Rate at 12:45pm London time, followed by a press conference 45 minutes later. Concerning the USD, there will be a release of Unemployment Claims and Philly Fed Manufacturing Index data at 1:30pm.