EUR/USD Signal Update
Yesterday’s signals were not triggered.
Today’s EUR/USD Signals
Risk 0.75%
Trades may only be entered between 8am and 5pm London time today.
Long Trade 1
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.0900.
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 1.1170, 1.1234 or 1.1280.
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
I wrote yesterday that the price of this pair is basically going nowhere. This has been more or less true although looking at the chart it can be said that there has been a slight upwards drift over recent days. We are a long way from any good support levels, but we are not too far away from an area of resistance levels which begin at 1.1170 and I think this looks likely to hold.
There are probably better trading opportunities elsewhere.
There is nothing due concerning the EUR. Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm London time. FOMC Member Bullard will be speaking at 6:30pm.