EUR/USD Signal Update
Last Thursday’s signals were not triggered as there was no bearish price action at 1.1340.
Today’s EUR/USD Signals
Risk 0.75%.
Trades must be taken from 8am to 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 1.1234.
* 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 Trade 1
* Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1382.
* 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
This pair had been looking bullish over both the week and also over the past few months, and has been beginning to enter a long-term bullish trend. However, the price has been steadily falling since Thursday’s New York session, so we might have seen a topping out already. This has to be a possibility because a look at the long-term chart shows that the price has been more or less capped at 1.1400 for a very long time, so it makes sense that it is not going to be easy to break up past that price. So it may be that this pair stays in the range for now, but the long-term bullishness should not be ignored.
There is nothing due today concerning either the EUR or the USD.