EUR/USD Signal Update
Yesterday’s signals expired without being triggered.
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 1.1234.
* 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
I wrote yesterday that although a bullish trend is in force, the price was in an area that had acted as a resistant zone consistently over the past year and more, so we should not be surprised if the price fails to rise further. We saw this happen yesterday with the price making a lower major swing high at around 1.1350 before falling to an area below the round number of 1.1300.
It is hard to say what will happen next. The market is very quiet.
There is nothing due today concerning the EUR. Regarding the USD, there will be a release of Crude Oil Inventories data at 3:30pm London time.