EUR/USD Signal Update
Last Thursday’s signals were not triggered as there was no bearish price action when the price reached 1.1161.
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 1.1120 or 1.1048.
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 1.1246.
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 had an unusually large move in this pair during the second half of last week, which had the overall effects of confirming the resistance at 1.1245 and also printing a new probable resistance level at 1.1177. However, I cannot give that last one as a good level as the price is knocking on it heavily as at the time of writing and it looks as if it is going to be broken.
Trading should be light after the first half of the London session.
Over the long term, this pair remains right in the middle of a heavy, trendless consolidation phase.
There is nothing due today concerning either the EUR or the USD. It is a public holiday in the U.S.A.