EUR/USD Signal Update
Last Thursday’s signals expired without being 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 1.1337.
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.
Long Trade 2
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1302.
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 Trade 1
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1559.
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
The pattern is one of consolidation, but with a bullish bias, as the horizontal levels and supportive trend lines continue to hold, with 1.1337 being a notable line in the sand that has not got breached. There is no obvious key resistance overhead before the 1.1500 area, so the price looks primed and ready to move up there, it is just waiting for a trigger. Having said that, I see 1.1300 as even more of a key level than 1.1337, so a trip down to that number first followed by a rise would not be surprising at all.
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