EUR/USD Signal Update
Yesterday’s signals were not triggered as there was insufficiently bullish price action when the support at 1.1150 was reached.
Today’s EUR/USD Signals
Risk 0.75%.
Trades may only be taken between 8am and 5pm London time today.
Long Trade 1
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 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 1.1150 or the bearish trend line currently sitting at about 1.1210.
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 wrote yesterday that in spite of the absence of a long-term trend, it would be wise to take a bearish boas and the price did go down yesterday. The support at 1.1150 has now probably been flipped to resistance, with the next support being very close to 1.1105.
It is not clear what will happen today but I think the low at 1.1105 is going to hold.
There is nothing due today regarding the USD. Concerning the EUR, there will be a release of German ZEW Economic Sentiment data at 10am London time.