EUR/USD Signal Update
Yesterday’s signals were not triggered as there was no bullish price action at 1.1025.
Today’s EUR/USD Signals
Risk 0.75%
Trades must be taken between 8am and 5pm London time today only.
Long Trade 1
Go long 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 ride.
Short Trades
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1170 or 1.1087.
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 ride.
EUR/USD Analysis
The price finally seems to have broken out of its three week range between 1.1025 and 1.1170, reaching a low of 1.1000. Normally we would now look to see the former support at 1.1025 flip to become new resistance, but as the distance travelled is so small I am sceptical about this level for now. I do see new resistance at 1.1087 but no support below until 1.0900.
The picture is starting to look bearish and the line of least resistance looks downwards. However, the pair is still in a relatively trendless environment, so any move down might take a while to happen.
There is nothing due today concerning the EUR. Regarding the USD, there will be a release of Crude Oil Inventories data at 3:30pm.