EUR/USD Signal Update
Yesterday’s signals gave a losing long trade following the bullish engulfing candle rejecting the support level at 1.0621, but then gave a winning short trade following the bearish pin candle rejecting the resistance level at 1.0666.
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 1.0563.
* 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 Trade 1
* Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.0666.
* 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
The price is still following the support and resistance levels I have identified here quite closely. We are essentially in a ranging pattern where profits can be made on both the long and the short side, despite the long-term bearish trend.
The real action in the Forex market is elsewhere right now.
There is nothing due today regarding the EUR. Concerning the USD, there will be a release of Unemployment Claims data at 1:30pm London time, followed later by ISM Manufacturing PMI at 3pm.