EUR/USD Signal Update
Yesterday’s signals could have produced a nice, profitable long trade following the rejection of the zone between 1.0950 and 1.0900 by a strong bullish candle on the H1 chart.
Today’s EUR/USD Signals
Risk 0.50%
Trades must be made between 8am and 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 1.0900.
• 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 1.0771.
• 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 touch of 1.1068.
• Put the stop loss 1 pip above the local swing high.
• Adjust the stop loss to break even once the trade is 25 pips in profit.
• Remove 50% of the position as profit when the price reaches 25 pips in profit and leave the remainder of the position to run.
EUR/USD Analysis
I had expected that yesterday would be likely to be very quiet, but a fairly normal range of 90 pips or so was made, with the price rising and then falling right back and now we are back in the 1.0950 area. It seems time to give up on that long-term trend line as although it seems to have had a little influence lately, it really is not key as support or resistance any more. Instead, we currently have a range from about 1.1050 to 1.0900, and what will be significant is the next move beyond either side of those limits. There is big news due later.
Concerning the EUR, the ECB will be announcing their Minimum Bid Rate at 12:45pm London time, followed shortly afterwards by the usual press conference. Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm.