EUR/USD Signal Update
Yesterday’s signals were not triggered as unfortunately the bullish pin bar rejection the identified support level at 1.0372 only formed at the end of the session.
Today’s EUR/USD Signals
Risk 0.75%.
Trades must be taken between 8am and 5pm London time today only.
Long Trades
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.0372 or 1.0350.
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 1.0433.
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
I wrote yesterday about the bullish Quasimodo pattern that had formed based on the 1.0350 – 1.0372 area, and this did act as strong support as I suspected. The price is moving up from this base as at the time of writing, but there is a new resistance level at 1.0433. A break up above that level could see a fast move up quite far, as we have buying from a 13-year low.There is nothing due today regarding the EUR. Concerning the USD, there will be a release of FOMC Meeting Minutes at 7pm London time.