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 1.1273, 1.1234 or 1.1173.
* 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 Trades
* Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1398 or if the price is below 1.1335 at 9am London time.
* 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 ride.
EUR/USD Analysis
The chart below shows the technical picture is becoming quite complicated and congested, as this pair has not moved very much over the past 24 hours compared to the turmoil there has been in some other currencies.
At the time of writing the price is threatening to truly break above the resistance at 1.1339, however note there is a trend line at about 1.1350 which might hold the price. A reversal here with the price falling back below 1.1335 after London has been open for an hour could be a good short trade, although I doubt this will set up. I think it is more likely the price will just consolidate and invalidate the level at 1.1339.
If the price does get above this area, and it might due to the general weakness of the U.S. Dollar, there is resistance at 1.1398 which could be the high of the day.
Regarding the USD, there will be releases of Advance GDP and Unemployment Claims data at 1:30pm London time. There is nothing due concerning the EUR.