By: DailyForex.com
EUR/USD Signal Update
Yesterday’s signals were not triggered as there was no bullish price action at 1.0550.
Today’s EUR/USD Signals
Risk 0.75%.
Trades may only be entered between 8am and 5pm London time today.
Long Trade 1
* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.0461.
* 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 Trade 1
* Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.0569.
* 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
There was better-than expected U.S. economic data released yesterday and this had the effect of driving the USD up significantly almost everywhere, and this pair was no exception. The price broke below the key long-term low of 1.0550 and its next support level is the multi-year low of 1.0461.
It looks as if the support close to 1.0550 has now flipped to resistance so the trend looks bearish both in the short and long terms.
There is nothing due today regarding the USD and it is a public holiday in the USA today. Concerning the EUR, there will be a release of German IFO Business Climate data at 9am London time.