EUR/USD Signal Update
Last Thursday’s signals produced a profitable long trade following the bullish rejection of the identified support level at 1.1234. This trade was good for around 40 pips of profit.
Today’s EUR/USD Signals
Risk 0.75%
Trades may only be entered between 8am and 5pm London time today.
Long Trades
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1234 or 1.1173.
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 Trades
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1302, 1.1337 or the broken bullish trend line.
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
There is no real change to the technical picture. Support and resistance are well defined, and in the absence of any major news events due today are likely to hold. It can be seen that not only has the support at 1.1234 held but so also has the resistance at 1.1302. Overall this pair can be said to have a small bullish bias, but trades in both directions can be taken. Another long off a retest and rejection of 1.1234 would probably the best set-up to hope for.
There is nothing due today regarding either the EUR or the USD.