By: DailyForex.com
EUR/USD Signal Update
Yesterday’s signals were not triggered as there was insufficiently bearish price action when the price reached 1.1246.
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 1.1178 or 1.1243.
* 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 1.1300.
* 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
Yesterday we finally got a large move in the USD which was triggered by extremely disappointing U.S. economic data that put a final end to any hopes the market had for a rate hike this month.
Although the Euro was not the biggest gainer against the USD, it is up by more than 100 pips and has broken and probably flipped two resistance levels. At the time of writing, the price action still looks bullish.
It is hard to pick a top in these conditions but there is an obvious confluence above of a trend line and a round number at 1.1300.
There is nothing due today concerning the EUR or the USD.