EUR/USD Signal Update
Yesterday’s signals were not triggered as there was no bearish price action at 1.0584.
Today’s EUR/USD Signals
Risk 0.75%.
Trades may only be entered between 8am and 5pm London time today.
Long Trades
* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.0717 or 1.0684.
* 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 1.0865.
* 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 was a big day for this pair. After initially reaching a 20-month low price, it shot up and made a huge daily bullish outside candle. It was the largest rise in this pair for a long time and a move this large typically sees a follow-through. So, although we have a strong long-term bearish trend, it is like we will still see higher prices at some point today.
At the time of writing, it looks as if the price will pull back. If we reach the new support at 1.0717 this could be an excellent point for a long entry if a bullish bounce will occur there.
There is nothing due today regarding either the EUR or the USD.