EUR/USD Signal Update
Yesterday’s signals were not triggered as the price did not reverse from the resistance at 1.1120 until after the London close.
Today’s EUR/USD Signals
Risk 0.75%
Trades may only be entered before 5pm London time today.
Long Trades
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1069, 1.1025 or 1.0900.
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 run.
Short Trades
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1120, 1.1170 or 1.1234.
Place the stop loss 1 pip above the local swing high.
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 run.
EUR/USD Analysis
As expected, the level at 1.1120 was again reached and again worked as resistance, as this pair is very trendless and is tending to respect levels. However there are signs of repeated tests of this level indicate there will be a bullish breakout soon.
It looks as if the price may have found new support at around 1.1069.
As I said yesterday, the best way to play this pair is to trade reversals off the levels but with conservative targets as there are not usually a lot of pips on offer.
There is nothing due today concerning the EUR. Regarding the USD, there will be a release of PPI and Unemployment Claims data at 1:30pm London time.