EUR/USD Signal Update
Yesterday’s signals expired without being triggered as there was no bearish price action at 1.1186, and the price did not reach 1.1234 until after the London close.
Today’s EUR/USD Signals
Risk 0.75%.
Trades must be taken between 8am and 5pm London time today only.
Long Trades
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1186 or 1.1105.
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 ride.
Short Trades
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1234 or 1.1280.
Put the stop loss 1 pip above the local swing high.
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 ride.
EUR/USD Analysis
Yesterday saw a small but significant bullish continuation, with the price initially popping up above the resistance at 1.1186 to 1.1200 as I forecasted, but then using 1.1186 as flipped resistance to support for the push up to the next resistance level at 1.1234, which held.
It is all nice and orderly and both support and resistance levels can be considered as this pair has no long-term trend, or even very much of any kind of short-term trend.
There is nothing of high importance due today concerning the EUR. Regarding the USD, there will be a release of ADP Non-Farm Employment data at 1:15pm London time, followed by ISM Non-Manufacturing PMI at 3pm and then Crude Oil Inventories at 3:30pm.