EUR/USD Signal Update
Last Thursday’s signals were not triggered as neither of the key levels were hit.
Today’s EUR/USD Signals
Risk 0.75%.
Trades must be taken between 8am and 5pm New York 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 1.1246.
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
If you look at a long-term chart of this pair it is easy to see that there is a very long-term consolidation going on, centred around the 1.1150 area, which is not far from where the price is now. To sum up, this is a completely trendless pair. This means trading for big gains is very hard, but it does mean that key support and resistance levels are more likely be to reliable so they can be exploited.
In addition to the key levels marked in the chart below, there may be resistance overhead starting at around 1.1220.
There is nothing due today concerning either the EUR or the USD.