EUR/USD Signal Update
Yesterday’s signals were not triggered as the price did not hit any of the given key levels.
Today’s EUR/USD Signals
Risk 0.75%.
Trades may only be entered before 5pm London time today.
Long Trades
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1120 or 1.1048.
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 1.1246.
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
I identified a new probable resistance level at 1.1177 yesterday but I did not mark it for trading as it was new and being challenged very heavily. I was incorrect in thinking it would break, it did in act hold as support. Therefore, it can be said that we have something of a minor, short-term bearish trend.
Over the long term, this pair remains right in the middle of a heavy, trendless consolidation phase.
There is nothing due today concerning the EUR. Regarding the USD, there will be a release of ISM Non-Manufacturing PMI data at 3pm London time.