EUR/USD Signal Update
Last Thursday’s signals were not triggered as there was no bullish price action at 1.0892.
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 1.0708.
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 1.0865.
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
This pair has been falling strongly over recent days as the U.S. Dollar has begun to strengthen markedly since the result of the U.S. Presidential election became clear last Wednesday.
The price hit a multi-month low yesterday, but it looks as if the support level at 1.0708 has been strong and given a clear bullish bounce right to the pip.
There are signs that we may get a pause in the USD rally today, which could see the price approach the next resistance level, but there may be minor resistance at around 1.0800 which could halt that.
Regarding the EUR, there will be a release of German Preliminary GDP data at 7am London time. Concerning the USD, there will be a release of Retail Sales data at 1:30pm.