EUR/USD Signal Update
Yesterday’s signals were not triggered as there was no bearish price action at 1.0621.
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 1.0621.
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 1.0666.
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
The price is following the support and resistance levels I have identified here quite closely. Yesterday’s low was very near 1.0563 and the former resistance at 1.0621 now seems to have flipped to become support, forming a zone that seems to start being felt at about 1.0630, a few pips higher. These are bullish signs and so it seems the price is on its way back to 1.0666.
The real action in the Forex market is elsewhere right now.
Regarding the EUR, the President of the ECB will be giving a minor speech at 12:30pm London time. Concerning the USD, there will be a release of the ADP Non-Farm Employment Change at 1:15pm, followed later by Crude Oil Inventories at 3:30pm.