EUR/USD Signal Update

Yesterday’s signals were not triggered.

 

Today’s EUR/USD Signals

Risk 0.75%

Trades may only be taken between 8am and 5pm London time today.

Long Trade 1

* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.0772.

* 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 run.

Short Trade 1

* Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of the broken trend line at 1.0917.

* Put the stop loss 1 pip above the local swing high.

* Adjust the stop loss to break even once the trade is 25 pips in profit.

* Remove 50% of the position as profit when the price reaches 25 pips in profit and leave the remainder of the position to run.

Short Trade 2

* Short entry following a bearish price action reversal on the H1 time frame immediately upon the next entry into the zone between 1.0967 and 1.0984.

* Put the stop loss 1 pip above the local swing high.

* Adjust the stop loss to break even once the trade is 25 pips in profit.

* Remove 50% of the position as profit when the price reaches 25 pips in profit and leave the remainder of the position to run.

EUR/USD Analysis

This pair has continued to weaken, reversing after an initial move up yesterday just a few pips below my anticipated resistance zone at 1.0967, going on to break the long-term supportive trend line that can still be seen in the chart below.

We are back in an area that has traditionally been choppy, so I have no real bias, but sentiment regarding the Euro is likely to remain weak as the Eurozone now appears to be deflating, which will give an impetus to the ECB to try to weaken the currency. As such, a short trade off a retest of the broken trend line might be the best possible opportunity that could set up today.

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