EUR/USD Signal Update
Last Thursday’s signals gave a long just above shortly after the London open just past 1.1129, providing some profit at 20 pips before turning round and stopping out for break even on the remainder of the position.
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 touch of 1.1005.
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 the trend line currently sitting at around 1.0813.
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.
Long Trade 2
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.0800.
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
At the end of last week, the price broke strongly below a bullish trend line that had just about been holding the price up for a few days. Since that break it has continued to fall fairly strongly as the USD continues to strengthen across the board, but particularly here.
At the time of writing just before the London Open, the price is breaking through the support that was at 1.0921. There is no key support before about 1.0815 which suggests that the line of least resistance is bearish now.
There will be a release of U.S. Core Durable Goods data at 1:30pm London time, followed by CB Consumer Confidence at 3pm.