EUR/USD Signal Update
Yesterday’s signals were not triggered and expired.
Today’s EUR/USD Signals
Risk 0.75%
Trades must be entered before 5pm London time today only.
Long Trade 1
* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of the bullish trend line currently sitting at around 1.0822.
* Put 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.
* Put 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 entry into the zone between 1.0960 and 1.1000.
* Put 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
We are still struck in a quite long-term consolidation between 1.0700 / 1.0800 and 1.1000. We are again heading upwards and threatening a challenge of the very resistant area that begins at around 1.0960. Up there in the chart below, you can see a confluence of resistant trend lines and the psychologically key round number of 1.1000. We also now have a more well-defined consolidating triangle and either trend line can be faded.
It is hard to tell what is going to happen next and it looks as if we are unlikely to get strong directional movement anywhere. However the support and resistance should be quite reliable which is bound to give a good trading opportunity sooner or later, most probably in the zone above 1.0960.
There is nothing due today concerning either the EUR or the USD.