EUR/USD Signal Update
Yesterday’s signals were not triggered as there was insufficiently bullish price action at 1.1243.
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 1.1178 or 1.1229.
* 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
* Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1300.
* 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
Conditions still look bullish. The support level I had identified yesterday was a little high but has held so far at a level a few pips lower down, at 1.1229.
There remains above a reasonably long-term bearish trend line that is likely to produce a bearish reaction when first touched. It is still confluent with the next higher round number at 1.1300.
Concerning the EUR, the ECB will announce the Minimum Bid Rate at 12:45pm London time followed a short while later by the usual Press Conference. Regarding USD, there will be a release of Unemployment Claims data at 1:30pm, followed by Crude Oil Inventories at 4pm.