EUR/USD Signal Update
Yesterday’s signals provided a profitable long trade entry following the double inside bar bullish break up off the support level identified at 1.1025. It would probably be a good idea to take profit now as the price looks as if it is running out of upwards momentum.
Today’s EUR/USD Signals
Risk 0.75%
Trades may only be entered between 8am and 5pm London time today.
Long Trades
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1025 or 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 run.
Short Trades
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1120, 1.1170 or 1.1234.
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 run.
EUR/USD Analysis
As expected, a quick trip down to the support level confluent with a quarter number at 1.1025 provided good support for a reversal trade, with the level holding nicely almost to the pip. The price will logically next go to the resistance level at 1.1120, but as this pair is very trendless it can just run out of steam, chop around or even reverse.
As I said yesterday, the best way to play this pair is to trade reversals off the levels but with conservative targets as there are not usually a lot of pips on offer.
There is nothing due today concerning either the EUR or the USD.