EUR/USD Signal Update
Yesterday’s signals were not triggered as neither of the key price levels were reached.
Today’s EUR/USD Signals
Risk 0.75%.
Trades must be taken between 8am and 5pm London time today only.
Long Trades
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1120 or 1.1048.
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
The only change of note since yesterday’s analysis is that we may have a new flipped support to resistance level emerging at 1.1160 which would be a bearish sign. However, it might be a little too early to tell for sure so I cannot place it as a level at which to look for trades yet.
Generally, this pair is trendless, and right in the middle of its long-term consolidation range.
There is nothing due today concerning the EUR. Regarding the USD, there will be a release of the ADP Non-Farm Employment Change data at 1:15pm London time, followed by Crude Oil Inventories at 3pm.