EUR/USD Signal Update
Last Thursday’s signals were not triggered as the bullish bounce at 1.1394 did not occur until after London closed.
Today’s EUR/USD Signals
Risk 0.75%
Trades may only be entered before 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 1.1370 or 1.1273.
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.
Take off 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 1.1477 or 1.1505.
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.
Take off 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
Last week’s action was very bearish. However we have now hit a very key support zone that has held the price up since Thursday and looks likely to produce some kind of bullish movement, at least until the trend line shown in the chart below which may act as resistance. More reliable resistance levels are further up, starting at 1.1477.
There are no high-impact events due today concerning either the EUR or the USD.