EUR/USD Signal Update
Yesterday’s signals were not triggered as there was no bearish price action at 1.1000.
Today’s EUR/USD Signals
Risk 0.75%
Trades must be entered before 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 1.0943.
* 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 1.1053.
* 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.
Short Trade 2
* Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1088.
* 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.
Short Trade 3
* Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1136.
* 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
I was wrong about yesterday being a quiet day. Despite the near-total absence of news concerning either of these currencies, the pair rose surprisingly strongly and even broke through the psychologically key level of 1.1000 quite easily, although it was not able to stay up there for very long. There was also a key Fib level at 1.1020 that seems to have acted as better resistance.
You have to say that the picture looks bullish overall, but a fall today would be in the natural rhythm of things, everything else being equal. However the area at 1.0950 or just below could provide the low of the day.
If there is another move up it then it could be held in the zone from 1.1020 to 1.1053.
There is nothing due today regarding the EUR. Concerning the USD, there will be a release of Unemployment Claims data at 1:30pm London time.