EUR/USD Signal Update
Yesterday’s signals were not triggered as the price never reached any of the key levels.
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 1.1025 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 1.1170 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
A look at the chart below shows that this pair has been essentially ranging between 1.1025 and 1.1170 for about three weeks. There is no trend and the pair is getting about as dead as it can be. The only good side of this is that these are idea conditions for making small profits from predictable bounces from the support and resistance levels identified, but there are usually not a large amount of pips on offer.
Concerning the EUR, there will be a release of German ZEW Economic Sentiment numbers at 10am London time. Regarding the USD, there will be a release of Building Permits data at 1:30pm.