EUR/USD Signal Update
Last Thursday’s signals expired without being triggered.
Today’s EUR/USD Signals
Risk 0.75%
Trades must be taken from 8am to 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 1.1173 or 1.1068.
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.
Take off 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 1.1234, 1.1258 or 1.1288.
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.
Take off 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
This pair has been falling fairly strongly for almost three weeks now without any really meaningful pause. There is a long-term bearish trend line above that is not far away. We also have a triple tapped short-term bearish trend line.
It is more or less in the middle of its range over the past year or so, therefore there is no real true long-term trend.
The best scenario would be for the price to keep trying to rise, but finally failing convincingly at a confluence of the trend lines and perhaps also the key psychological level of 1.1250. This could provide enough bearish momentum to really send the price down for another leg.
Alternatively, a sustained break up above 1.1258 would be a bullish sign.
There are no high-impact events due today concerning either the EUR or the USD.