EUR/USD Signal Update
Last Thursday’s signals were not triggered.
Today’s EUR/USD Signals
Risk 0.75%
Trades may only be entered between 8am and 5pm London time today.
Long Trade 1
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1173.
Place the stop loss 1 pip below the local swing low.
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 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 1.1302 or 1.1270.
Place 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 price reaches 20 pips in profit and leave the remainder of the position to ride.
EUR/USD Analysis
This pair spiked upwards dramatically during the ECB’s statement last Thursday, before falling back dramatically to where it was and then continuing lower than that. The technical result of this has been to wipe out the level at 1.1340, but we have a new key level at 1.1270 which can be seen as recently pivotal within the hourly chart below.
Current price action suggests that the price is going to rise and quite possibly test 1.1270, especially if the German data due to be released soon is positive.
Regarding the EUR, there will be a release of German IFO Business Climate data at 9am London time. There is nothing due concerning the USD.