EUR/USD Signal Update
Yesterday’s signals were not triggered as there was no bullish price action at 1.1273.
Today’s EUR/USD Signals
Risk 0.75%
Trades may only be entered between 8am and 5pm London time today.
Long Trades
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1173 or 1.1068.
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.
Remove 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to ride.
Short Trades
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1234 or 1.1288.
Place the stop loss 1 pip above the local swing low.
Move 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 ride.
EUR/USD Analysis
Overall the pair is bearish, with the EUR quite weak and the USD fairly strong. The price is now below its level of three months ago. A long-term trend line can now be drawn capping the price, as shown in the chart below.
We have a new flipped support to resistance level at 1.1288. We also broke cleanly through 1.1234 so this can be assumed to have become resistance as well in this environment.
The USD is likely to remain strong until something happens to change market sentiment, such as poor data later today.
There are no high-impact events due today concerning the EUR. Regarding the USD, there will be a release of Unemployment Claims and Philly Fed Manufacturing Index data at 1:30pm London time.