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 Trade 1
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 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 1.1087.
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
It had looked yesterday as if the price was finally making a bearish break below the support at 1.1025 which was possibly becoming resistance, however there was buying below 1.1000 which has now pushed the price back up above the 1.1025 level. The level is still there but it is now of much less importance and I would not be looking to trade off it today.
Overall this pair is still trendless, and of course there is big EUR news due today which might cause some volatility. Barring any surprises, the price is likely to chop around between 1.1000 and 1.1100 following the news.
Concerning the EUR, there will be a release of the Minimum Bid Rate at 12:45pm London time. Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm.