EUR/USD Signal Update
Yesterday’s signals were not triggered and expired.
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, 1.1258 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
Yesterday was a fairly quiet day, and today is quite likely to be similar, although there is some high-impact EUR economic data due today.
The price won’t fall so the EUR is showing some buying. However the line of least resistance really does look to be downwards with all the key resistances there are above between 1.1234 and 1.1258, so it still looks as though the smart trade is going to be short, perhaps after an attempt to rise up past 1.1234 and a failure there.
However a break up above 1.1258 would be a bullish sign that perhaps the price is going to start a leg back up to the 1.1400 area again.
Concerning the EUR, there will be a release of German ZEW Economic Sentiment data at Noon London time. There is nothing due regarding the USD.