EUR/USD Signal Update
Yesterday’s signals were not triggered and expired.
Today’s EUR/USD Signals
Risk 0.75%
Trades may only be entered between 8am and 5pm London time today.
Long Trade 1
* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.0800.
* 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 price reaches 20 pips in profit and leave the remainder of the position to run.
Long Trade 2
* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.0772.
* 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 price reaches 20 pips in profit and leave the remainder of the position to run.
Short Trade 1
* Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.0940.
* 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
I forecast yesterday that a bullish bounce off 1.0800 looked to be the most probable good trade set up that might present itself. We did not quite reach that number but we did bounce from a level very close to there. In the chart below I have zoomed out more than usual and you can see how this pair is ranging between 1.07 and 1.10 and is not really going anywhere. The Euro stays fairly bullish in this kind of fearful environment as some kind of perceived safety currency, while the USD is also strong for that and other reasons, furthermore this pair tends to range anyway.
The most interesting technical features are the bearish trend lines which are ambiguous but becoming confluent with resistance at around 1.0940.
The best way to trade this pair is for short-term gains at turns close to the major support and resistance levels.
There is nothing due today concerning the EUR. Regarding the USD, there will be a release of Unemployment Claims at 1:30pm London time.