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 Trades
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1394, 1.1370 or the trend line currently sitting just below 1.1420.
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 the trend line currently sitting at around 1.1500.
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 is looking much more bullish, as it really rose at the end of last week, and seems to have become successfully established above 1.1400, printing some new support levels in the process.
It is a public holiday in London today so trading will probably be quiet until New York opens when we are likely to see a burst of activity. The trend lines might well come into play today, especially the current confluence of a trend line above with the psychologically key 1.1500 level.
Regarding the USD, there will be a release of ISM Manufacturing PMI data at 3pm London time. Concerning the EUR, the President of the ECB will be speaking at the same time.