EUR/USD Signal Update
Yesterday’s signals were not triggered as none of the key levels were reached.
Today’s EUR/USD Signals
Risk 0.75%.
Trades must be entered before 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 1.0961 or 1.0900.
* 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 Trades
* Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1027 or 1.1072.
* 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
The areas I have identified as support and resistance are holding even a few pips before they are reached. As I mentioned, the really key level is the support at 1.0961 which is showing its influence already. The chart below shows we are forming a bullish triple tap with a short-term supportive trend line beneath it, suggesting a short-term movement back up to 1.1025. However, the overall outlook is more bearish, and will be confirmed as seriously bearish below 1.0961.
There is nothing due today regarding the EUR. Concerning the USD, there will be a release of Building Permits data at 1:30pm London time, followed by Crude Oil Inventories at 3:30pm.