EUR/USD Signal Update
Yesterday’s signals were not triggered as there was no bearish price action at 1.1150.
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 1.1204 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 1.1283.
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 pair found support early in yesterday’s London session just a few pips above the identified key support level at 1.1120. The dovish FOMC releases yesterday sent the price rising, and this morning’s late Asian session has seen a strong break up above the former resistance at 1.1204. This is a bullish sign and the level will now probably flip from resistance to support.
Although the pair is bullish over the short-term, keep in mind that there is no real long-term trend.
Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm London time. Concerning the EUR, the President of the ECB will be speaking at a conference at 2pm.