EUR/USD Signal Update
Yesterday’s signals were not triggered as none of the key levels were ever reached.
Today’s EUR/USD Signals
Risk 0.75%.
Trades may only be entered before 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 1.0350.
* 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 1.0479.
* 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
Yesterday the price broke up above the level I had identified at 1.0418 as a kind of indicative pivot, which worked quite well, as the price then continued to rise.
The price has begun to fall again, but I would not be looking for a long trade at 1.0418 as it just does not look as if it likely to hold.
A short at 1.0479 would look attractive.
There may be support before 1.0350, starting at about 1.0380.
There is nothing due today regarding the EUR. Concerning the USD, there will be releases of Core Durable Goods Orders, Final GDP and Unemployment Claims data at 1:30pm London time.