EUR/USD Signal Update
Yesterday’s signals were not triggered as there was no bearish price action at 1.0433.
Today’s EUR/USD Signals
Risk 0.75%.
Trades must be taken before 5pm London time today only.
Long Trades
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.0427.
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 1.0433.
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 wrote yesterday that a break up above 1.0433 could see a fast move up quite far, as we have buying from a 13-year low. This is exactly what happened with the move being strong and steady. This is a deep pull back within a long-term bearish trend.
The next question is what will happen if we test 1.0589 as we probably will. This could well act as strong resistance.
There is nothing due today regarding the EUR. Concerning the USD, there will be a release of the ADP Non-Farm Employment Change at 1:15pm London time, followed by Unemployment Claims at 1:30pm, ISM Non-Manufacturing PMI at 3pm and Crude Oil Inventories at 4pm.