EUR/USD Signal Update
Yesterday’s signals were not triggered as the bullish price action occurred at least ten pips below the identified level at 1.0952.
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 1.0940.
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 1.1004 or 1.1028.
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 it was looking as if the bulls are in control at least for the short-term, and we had another healthy bullish bounce. I had expected the turn to be supported a little higher than it was though, at 1.0950 and not 1.0940. that latter number is now well established as good support and we look to be printing the final leg of a bullish Quasimodo pattern supported about 20 pips above that at 1.0940.
There is a resistance level very confluent with the key psychological number at 1.1000 and that could prove to be a good point to look for a bearish turn, but the odds should still favour the bulls today.
There is nothing due today regarding the EUR. Concerning the USD, there will be a release of ISM Manufacturing PMI data at 2pm London time.