EUR/USD Signal Update
Yesterday’s signals were triggered very shortly after London opened, with a pin candle rejecting the resistance at 1.1505 being good for a move of about 20 pips.
Today’s EUR/USD Signals
Risk 0.75%
Trades must be taken from 8am until 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 1.1450 or 1.1394.
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 1.1505, 1.1600 or 1.1650.
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
We seem to be in an area of a big struggle between buyers and sellers. The resistance at 1.1505 keeps stubbornly holding, but it seems there are major market participants who were yesterday really trying to get the price bid up past that level. As New York opened, it really felt as if the price was going to rise strongly. However the resistance at 1.1505 did hold in the end, and we are currently trading in a very flat fashion below that level.
I think there is more potential on the bullish than bearish side with the best possible set-up probably being a long trade off 1.1450.
There are no high-impact events due today concerning the EUR. It is a public holiday in France and Germany. Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm London time.