EUR/USD Signal Update
Yesterday’s signals provided a mildly profitable winning long trade when the price returned to 1.1050 and bounced bullishly, although the move up ran out of steam after about 70 pips.
Today’s EUR/USD Signals
Risk 0.75%
Trades must be entered 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 after the next retest that may occur following a bullish breakout above the bearish trend line at around 1.1050.
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.
Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.
Long Trade 2
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1016.
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.
Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.
Long Trade 3
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.0868.
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.
Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.
EUR/USD Analysis
Quite early during yesterday’s London session, the price broke above the bearish trend line, and returned to it for a bullish bounce later in a classic break and retest breakout pattern. The price is now falling and approaching the trend line again as I write, so it could provide another bullish bounce. A break back below the trend line would ordinarily be a bearish sign, but there is probably support at around 1.1016 and that is likely to extend all way down to the psychologically important 1.1000 level.
There is likely to be minor resistance above at the round number of 1.1200.
There is nothing due today regarding the EUR. Regarding the USD, there will be a release of CB Consumer Confidence data at 3pm London time.