EUR/USD Signal Update
Last Thursday’s signals were not triggered as there was no bullish action when the price reached 1.1204.
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 1.1201 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 Trade 1
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1283 or the bearish trend line currently sitting at about 1.1250.
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
We are left without any long-term trend and the price consolidating a little above 1.1200. There is a descending trend line above which has been keeping a cap on the price but buying from support at around 1.1120 and again around the higher round number of 1.1200.
It is hard to say what will happen next but the pair is behaving itself technically so good technical set-ups for fairly small targets would probably be the best way to handle this pair, should any opportunities arise today.
Concerning the EUR, there will be a release of German IFO Business Climate data at 9am London time. Later at 4:05pm the President of the ECB will be testifying before the European Parliament. There is nothing due regarding the USD.