EUR/USD Signal Update
Yesterday’s signals were not triggered.
Today’s EUR/USD Signals
Risk 0.75%
Trades may only be taken before 5pm London time today.
Long Trade 1
* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.0550.
* 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 ride.
Short Trade 1
* Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.0708, especially if the bearish rejection here also touches the bearish trend line currently sitting close to 1.0725.
* 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 price reaches 20 pips in profit and leave the remainder of the position to ride.
EUR/USD Analysis
It was a quiet day yesterday, with little happening.
This week there is a new bearish inner trend line that looks like becoming good resistance. A trip up to the area above 1.0700 with a touch of this line and sharp rejection would probably be a great opportunity to get back into this trend which is well supported by fundamentals and market sentiment.
Regarding the EUR, there will be a release of German IFO Business Climate data at 9am London time. Concerning the USD, there will a release of Preliminary GDP data at 1:30pm followed by CB Consumer Confidence at 3pm.