EUR/USD Signal Update
Last Thursday’s signals may have produced a profitable short trade following the bearish inside candle that was printed and broken rejecting the 1.1300 area which I had identified as key resistance.
Today’s EUR/USD Signals
Risk 0.75%.
Trades must be taken between 8am and 5pm London time today only.
Long Trade 1
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1207.
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 Trade 1
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1283.
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
The picture was looking bullish at the London open, and we got a meaningful move up to the trend line and resistance at around 1.1300, but ever since that point the price fell off quite strongly and sold all the way down to 1.1200.
There has been a small recovery and the price may now rise again a little, but the pair looks convincingly trendless again.
Although I do see a new support level at 1.1231 it is very unproven and I would not rely upon it yet.
There is no high-impact news due today concerning either the EUR or the USD.