EUR/USD Signal Update
Yesterday’s signals were not triggered.
Today’s EUR/USD Signals
Risk 0.75%
Trades may only be taken between 8ama and 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 1.1075.
* Place 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 price reaches 20 pips in profit and leave the remainder of the position to ride.
Long Trade 2
* 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 about 1.1025.
* Place 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 price reaches 20 pips in profit and leave the remainder of the position to ride.
Long Trade 3
* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1003.
* Place 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 price reaches 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 entry into the zone between 1.1337 and 1.1400.
* Place 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 an up day. There seems to be resistance just below 1.1200 that has managed to check any advance so far. At the time of writing, it does look as if today will be an up day, so perhaps we will get that break above 1.1200. On the other hand, there are a few support levels below that look more likely to hold the price and provide the launching pad for any strong upwards move. The area just above 1.1050 was the upper limit for several months so following the long-term breakout, it would make sense for the price to find strong support at say 1.1075.
There is nothing due today concerning the EUR. Regarding the USD, there will be releases of PPI and Building Permits data at 1:30pm London time, followed later by the FOMC Meeting Minutes release at 7pm.