EUR/USD Signal Update
Yesterday’s signals expired without being triggered.
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 1.1068 or 1.1035.
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 1.1167, the bearish trend line currently sitting at 1.1160, or 1.1200.
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
In my forecast yesterday I wrote that we were 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.
We did not quite get there but we have had a bounce off the round number at 1.1100.
However the price has not reached any of the major resistance levels or trend lines from this upwards move. A look at the chart below will show that the bearish trend structure remains intact with nothing really to upset its rhythm yet.
The price may have turned down for another leg already. In any case the structure won’t be broken unless the price can really break up above 1.1167.
There is nothing due today concerning the EUR. Regarding the USD, there will be a release of CB Consumer Confidence data at 3pm London time.