EUR/USD Signal Update
Yesterday’s signals were not triggered as the price did not hit 1.1370 before London closed.
Today’s EUR/USD Signals
Risk 0.75%
Trades must be taken from 8am until 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 1.1273.
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 the bearish trend line currently sitting at around 1.1435, or 1.1477 or 1.1505.
Put the stop loss 1 pip above 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.
EUR/USD Analysis
The zone from around 1.1370 to 1.1394 has acted as support over the previous few days, but the USD strength has persisted and even the relative strength of the EUR has just not been enough to stop the price of this pair from falling. We can delete the level at 1.1394 now so this leaves us with only 1.1370 which is still holding. However it has to be said that the chart does not seem to suggest a lot of confidence that this level will continue to hold, so I would not look for a long trade there now but instead wait until the next support level has been reached, at 1.1273.
The same support levels exist above but I would also look for a short trade at a retest of the trend line, which has continued to hold when tested.
There are no high-impact events due today concerning either the EUR or the USD.