EUR/USD Signal Update
Yesterday’s signals were not triggered as there was no bearish price action at 1.0589.
Today’s EUR/USD Signals
Risk 0.75%.
Trades may only be entered before 5pm London time today.
Long Trades
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.0589 or 1.0520.
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 Trades
Go short following a bearish price action reversal on the H1 time frame immediately upon the next entry into the zone between 1.0684 and 1.0699.
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
I had thought yesterday was likely to be a bullish day, and we had a move up breaking the former resistance at 1.0589 which is now likely to have flipped to support. Over the shorter term, we have a small triple top at about 1.0650 and it looks now as if the price is going to fall to the nearest support level at 1.0589.
There is a long-term bearish trend, but there seems to be more and more support the closer we get to the psychologically interesting 1.0500 level.
There is nothing due today regarding either the EUR or the USD.