EUR/USD Signal Update
Yesterday’s signals were not triggered as neither of the key levels were reached.
Today’s EUR/USD Signals
Risk 0.75%.
Trades must be taken before 5pm London time today only.
Long Trade 1
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.0708.
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 Trade 1
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.0865.
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 forecast yesterday that the price would quite probably rise, but that the rise could be halted at 1.0800. This is exactly what happened. The price then fell back to an area close to the support at 1.0708, where it has made a higher low over several hours and started to move up. This looks like a strong bullish turn as it has a classic U-shape, so I think today will be an up day and the minor resistance at 1.0800 looks vulnerable.
There is nothing due today regarding the EUR. Concerning the USD, there will be a release of PPI data at 1:30pm London time, followed by Crude Oil Inventories later at 3:30pm.