By: DailyForex.com
EUR/USD Signal Update
Last Thursday’s signals were not triggered as the price never reached any of the key levels during that day’s London session.
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 1.0900.
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.
Remove 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to run.
Short Trade 1
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1170, 1.1234 or 1.1280.
Put the stop loss 1 pip above the local swing high.
Adjust 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 run.
EUR/USD Analysis
Britain voted to exit the European Union last Thursday and it seems clear that the result of the vote is going to be honoured. The E.U. will lose one of its largest and strongest members, a net contributor to the E.U. budget, and the credibility of the entire E.U. project, uninterrupted for 60 years, suffers some kind of blow.
All these factors have caused this pair to fall quite sharply, although only to levels that have been seen fairly recently, in fact the price is not even making any kind of meaningful multi-month lows. The pair is really chopping around in no-man’s land until a break below 1.09 takes places, which should be seen as the key price floor at the moment.
Due to the strong price movements, we have an area of about 270 pips above that where it is impossible to judge where probable support and resistance levels might lie, with the possible exception of the area close to 1.1075.
There is nothing due concerning either the EUR or the USD.