EUR/USD Signal Update
Yesterday’s signals were not triggered as there was no bullish price action at 1.1186.
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 1.1058 or 1.1105.
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 1.1234 or 1.1186.
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
The bearish movement continued yesterday as the USD made up some ground, but the Euro was relatively weak anyway.
The leg down cut through a couple of levels that had previously been supportive which is a bearish sign.
We have already had a retest of the nearest level, at 1.1155, so I would not be looking for an entry off that level today as it looks too soon.
There is no long or medium-term trend in this currency pair, so good levels will tend to hold.
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.