EUR/USD Signal Update
Last Thursday’s signals were not 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 1.1120.
* 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 1.1234.
* 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
We have seen over the past few days some continuing support at around 1.1140, last expressed in a U-shaped bottom there. We had a strong spike up on Friday close to the next key resistance at 1.1234 and a steady falling off from there. We are currently in a short-term bullish trend that is weakening into a probably double top on longer-term charts.
All of this information suggests that there are not going to be any good opportunities here today.
The price action so far since this week’s open slightly suggests that today will see some kind of upwards move.
There is nothing of high importance due today concerning either the EUR or the USD.