EUR/USD Signal Update
Yesterday’s signals were triggered as the price formed a bearish pin bar off the broken bullish trend line at around 1.0750. Unfortunately this trade only gave about 25 pips of profit but it was enough for some profit to be locked in overall.
Today’s EUR/USD Signals
Risk 0.75%
Trades may only be made from 8am to 5pm London time today.
Short Trade 1
• Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of the broken bullish trend line above currently sitting at around 1.0787.
• Put 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 trade is 20 pips in profit and leave the remainder of the position to run.
Short Trade 2
• Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.0900.
• Put 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 trade is 20 pips in profit and leave the remainder of the position to run.
EUR/USD Analysis
Yesterday we had a bearish reversal off the broken trend line and we can look for a repeat of that today. However the fact that this line was hit yesterday makes it a weaker probability trade. Below this line a new bearish trend line may be forming: a rejection of this line drawn on the chart below could be its second touch and establish it. This may be strong as it is quite confluent with the other trend line. If we manage to break above both trend lines the next key resistance should be confluent with the whole number at 1.0900. Below, the action is fairly choppy and there are no obvious flipped levels anywhere nearby.
There are no high-impact events scheduled today concerning either the EUR or the USD.