EUR/USD Signal Update
Yesterday’s signals were not triggered as the support level at 1.1207 was not reached until after 5pm London time.
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 1.1207 or 1.1177.
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 Trades
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1259 or 1.1283.
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 support at 1.1207 has been effective and in the last few hours the price has been rising from there and looks as if it might continue upwards to the resistance level at 1.1259. The chart below shows this new resistance level is interesting as it forms both a recent triple top and also a longer-term Quasimodo (head and shoulders) patterns.
The pair has no long-term trend.
There is nothing due today concerning the EUR. Regarding the USD, there will be a release of Crude Oil Inventories data at 3:30pm London time.