EUR/USD Signal Update
Last Thursday’s signals produced an excellent, profitable short trade following the bearish pin candle (marked by the red down arrow in the chart below) rejecting the resistance identified at 1.1283 as well as the bearish trend line. It looks as if it we may have reached a bottom so it would probably be a good idea to take most profit off the table if you still have this trade open.
Today’s EUR/USD Signals
Risk 0.75%.
Trades may only be taken between 8am and 5pm London time today.
Long Trades
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1141 or 1.1120.
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 1.1177 or 1.1204.
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
This pair fell at the end of last week and the USD began to get bid into the start of what might be a long-term bullish trend, which would logically put this pair into a long-term bearish trend. Although the Euro has been one of the relatively stronger major global currencies, it may be starting to weaken now.
We see also a bearish trend line that caps the resistance above 1.1250 and it seems the price is going to find it difficult to get above there.
We might be starting a bullish pull back now with 1.1204 looking like stronger resistance than the first level at 1.1177.
There is nothing due today concerning either the EUR or the USD.