EUR/USD Signal Update
Yesterday’s signals produced a 20 pip winning long trade following the bullish inside bar on the H1 chart rejecting my anticipated support level of 1.1204.
Today’s EUR/USD Signals
Risk 0.75%
Trades may only be entered before 5pm London time today.
Long Trade 1
Go long following a bullish price action reversal on the H1 time frame immediately upon the next entry into the zone between 1.1068 and 1.1035.
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 touch of 1.1338.
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 had thought that yesterday would be an up day, with the area around 1.1200 being supportive. This probably would have happened if not for the events in Brussels yesterday which strengthened the USD somewhat and also weakened the EUR. Nevertheless, the support did more or less hold, and bounced back to give a winning long trade of about 20 pips.
The price has looked quite heavy overnight, as if the support at 1.1200 is not going to hold. However as at the time of writing it is still holding, so there might be a surprise and a new, stronger move up, though I think that is unlikely. As we have been so close to this level of 1.1200 I remove it from my list of key levels, although it is still marked in the chart below.
There is nothing due today concerning the EUR. Regarding the USD, there will be a release of Crude Oil Inventories data at 2:30pm London time.