EUR/USD Signal Update
Yesterday’s signals were not triggered as although the price reached 1.0630 there was no bearish price action there.
Today’s EUR/USD Signals
Risk 0.75%
Trades may only be made 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 retest of the broken bearish trend line currently sitting at around 1.0440.
Put 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 trade is 20 pips in profit and leave the remainder of the position to run.
Short Trade 1
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.0711.
Put 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 trade is 20 pips in profit and leave the remainder of the position to run.
EUR/USD Analysis
Yesterday’s action was quietly bearish until the release of weak U.S. data sent the USD and this pair’s price flying up past 1.0700, to just a few pips short of a key inflection that was previously supportive at 1.0711. This looks to be established now as a key resistance level. The price has been falling off this high and the next short-term direction of this pair appears to be uncertain. I remain bearish overall but the next move will probably be determined by what the ECB has to say later today.
There are high-impact events scheduled later today concerning the EUR, but not the USD. At 12:45pm London time there will be a release of the Minimum Bid Rate for the Euro, followed at 1:30pm by an ECB Press Conference.
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