EUR/USD Signal Update
Yesterday’s signals produced a short trade off the bearish reversal at the resistance level of 1.1188. It would be wise to take profit immediately as it has weak potential.
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 1.1155 or 1.1120.
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 1.1188 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
Yesterday saw a continued strong rise with the price breaking up above resistance, before forming a double top at the next resistance level of 1.1188. So far this has held but it looks relatively weak, and the daily chart shows something of a medium-term bullish trend, although the long-term trend is downwards. However, it might be that the price falls significantly from here, or we might see a triple top form during today’s London session, which could be a really good shorting opportunity.
There is nothing of high importance due today concerning the EUR. Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm London time.