EUR/USD Signal Update
Last Thursday’s signals were not triggered as the price did not reach 1.1450 during that day’s London session.
Today’s EUR/USD Signals
Risk 0.75%
Trades must be entered before 5pm London time today.
Short Trade 1
Go short following a bearish price action reversal on the H1 time frame immediately upon the next entry into the zone between 1.1450 and 1.1532.
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.
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.
Long Trade 1
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1277.
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.
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
The bullish trend and upwards momentum continue unabated, and the price continues to make higher lows. We have just reached a point where the price is very slightly above its level from 3 months ago, not to mention 1 month ago, both of which are key bullish signs.
However it would be foolish not to note that we have just hit a zone that begins at around 1.1450 which is very likely to be resistant at least for a while. My colleague Christopher Lewis also sees potential resistance here. Therefore it would not be surprising if we get a pullback from this point, especially if the price spikes up there early after the London and/or New York opens.
The nearest flipped resistance to support level at which to look for a new long trade lies below at 1.1277.
There are no high-impact news releases scheduled today concerning either the USD or the EUR.