EUR/USD Signal Update
Yesterday’s signals were not triggered as we did not have sufficiently bearish price action at 1.1177. Any short trade taken from here is probably best closed out by now.
Today’s EUR/USD Signals
Risk 0.75%.
Trades must be entered before 5pm London time today only.
Long Trades
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1141 or 1.1120.
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 1.1204.
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
It was a fairly quiet day in the Forex market generally yesterday, and particularly so in this pair, which was not surprising as there was no major news for the EUR or the USD. The only change is the removal of the former resistance level which had been located at 1.1177.
There is nothing due today concerning the EUR. Regarding the USD, there will be a release of Building Permits data at 1:30pm London time.