EUR/USD Signal Update
Yesterday’s signals were not triggered as none of the key levels were reached.
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 1.1120 or 1.1048.
* 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 1.1161 or 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
The new resistance level identified yesterday at 1.1161 has held and continues to hold. A move down to 1.1120 looks to be the most likely short-term scenario.
Over the long-term, the price is right in the middle of a very strong long-term consolidation, so the pair is essentially trendless, making long-term forecasting impossible.
There is nothing due today concerning the EUR. Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm London time, followed by ISM Manufacturing PMI at 3pm.