EUR/USD Signal Update
Last Thursday’s signals were not triggered as there was insufficiently bearish price action when the price reached 1.1049.
Today’s EUR/USD Signals
Risk 0.75%.
Trades may only be taken between 8am and 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 1.0961 or 1.0900.
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 Trades
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1027 or 1.1072.
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
We have been on the brink of a major trend confirmation: all that is missing is a break below the key support level at 1.0961. As it turned out, this level held yesterday, with the price getting to within just a few pips of it before turning around and rising to an area where it is now threatening the new resistance level at 1.1027.
The support at 1.0961 remains very key, with a break below that being a bearish sign that a major long-term bearish trend would probably be beginning.
There is nothing due today regarding the EUR. Concerning the USD, there will be a release of CPI data at 1:30pm London time.