EUR/USD Signal Update
Yesterday’s signals were not triggered.
Today’s EUR/USD Signals
Risk 0.75%
Trades must be taken before 5pm London time today only.
Long Trades
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1337 & 1.1302.
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 1.1559.
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
The price continues to consolidate within a channel with a bullish bias. There is plenty of support below but also it is very hard for the price to remain above 1.1420 or so. There are now two supportive trend lines close below, and the long-term trend is bullish. However it is very hard to say that we will not dip down to 1.1337 or even 1.1302 before the price takes off again.
It definitely feels as if the price is going higher, but it might well need to go lower first.
There is nothing due today regarding either the EUR or the USD.