EUR/USD Signal Update
Last Thursday’s signals were not triggered.
Today’s EUR/USD Signals
Risk 0.75%
Trades must be taken before 5pm London time today only.
Long Trades
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1068 or 1.1035.
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.
Take off 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 1.1167, the bearish trend line currently sitting at 1.1180, or 1.1200.
Put the stop loss 1 pip above the local swing low.
Adjust 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 run.
EUR/USD Analysis
The strong downwards trend has continued, and although the major bearish trend line has needed some readjustment, it is still there and in force now below 1.1180. The price really sold off from the round number at 1.1200 last Thursday and has continued to fall. There is a lot of strong downwards momentum.
In addition to the key levels, there may be minor resistance at 1.1140.
However we are approaching a key area, in fact we are really there already, where the price has made major reversals in the past. The exact potential support lives are at 1.1068 and 1.1035. It is very likely there will be some kind of bullish bounce if and when the price gets there.
It is probably going to be very quiet today as both New York and London are on holiday.
There is nothing due today concerning either the EUR or the USD. It is a public holiday in both London and New York.