EUR/USD Signal Update
Last Thursday’s signals produced a profitable short trade following the bearish pin candle rejecting the resistance level identified at 1.0559, but it only made the minimum 20 pips profit.
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 1.0582.
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 1.0662.
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
We have just had an unusual Asian session which is concluding right now as at the time of writing, which saw this pair rise quite sharply, although it has still been held by the resistance level I have identified at 1.0662. It is quite probable that this level will continue to hold, at least until the President of the ECB testifies later. The USD is weaker everywhere since the week’s open.
The long-term trend with this pair is still bearish.
There is nothing due today regarding the USD. Concerning the EUR, the President of the ECB will be testifying before the European Parliament at 2pm London time.