EUR/USD Signal Update
Last Thursday’s signals might have given a profitable short trade as the high of the day was only 1 pip below the resistance level of 1.0898.
Today’s EUR/USD Signals
Risk 0.75%
Trades must be entered between 8am and 5pm London time today only.
Long Trade 1
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.0684.
Place 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 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 entry into the zone between 1.0800 and 1.0813.
Place 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 run.
Short Trade 2
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.0846.
Place 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 run.
EUR/USD Analysis
Last week’s two items on the USD have caused a continuing strong downwards move in this pair. We now have a downwards wedge as shown in the chart below with each trend line boundary having two touches. However before we could reach the lower trend line again we would hit a probable horizontal support level at 1.0684.
There is plenty of resistance nearby starting at the round number of 1.0800.
My bias is bearish as fundamentals, sentiment and technical all point to a bearish outcome. Nevertheless the Euro often proves surprisingly resilient and loves to pull back so there may be stronger USD moves against other currencies.
There is nothing due today regarding either the EUR or the USD.