EUR/USD Signal Update
Yesterday’s signals were not triggered as neither of the key price levels were ever reached.
Today’s EUR/USD Signals
Risk 0.75%.
Trades may only be entered before 5pm London time today.
Long Trade 1
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 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 Trade 1
Go long following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1246.
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
We have basically had a continuation of recent downwards movement without reaching the key support level of 1.1120 yet.
At the time of writing, the price is very close to its average of the 18 months or so. This pair is in a very strong, very long-term consolidation, although it is at least moving.
There are likely to be better opportunities elsewhere today unless we get a bullish reversal at 1.1120.
There is nothing due today concerning the EUR. Regarding the USD, there will be a release of CB Consumer Confidence data at 3pm London time.