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 1.0952 or 1.0892.
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 1.1004 or 1.1028.
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
Over the past few days, just as the price was breaking to new long-term lows and seemingly beginning to cut a real bearish trend, the price turned around and made a classic U-shaped bottom below 1.0900. The move up on Friday was quite strong and powerful. The price may need to consolidate for a while but overall it is a sign that the bulls are in control at least for the short-term. A break up above 1.1000 today, which probably won’t happen, would be a very bullish sign.
There is nothing due today regarding either the EUR or the USD.