EUR/USD Signal Update

Yesterday’s signals expired without being triggered, as none of the key price levels were reached.

Today’s EUR/USD Signals

Risk 0.75%

Trades must be made between 8am and 5pm London time today only.

Long Trade 1

* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of the nearest lower channel trend line currently sitting at around 1.0575.

* Place 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 trade is 20 pips in profit and leave the remainder of the position to run.

Long Trade 2

* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.0550.

* Place 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 trade is 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 1.0708, especially if the bearish rejection here also touches the bearish trend line currently sitting right at the same price.

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

* 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 2

* Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.0800, especially if the bearish rejection here also touches the bearish trend line currently sitting right at the same price.

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

* 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.

EUR/USD Analysis

Again, this pair was quite inactive yesterday, hardly going anywhere.

Up to about 1.0700 the line of least resistance is long.

The bearish inner trend line is lining up with the round number at 1.0700 and previous resistance to produce a good confluence for a bearish reversal. I suspect we will probably get up there today and reverse.

There is some good support below 1.0600.

There is nothing due today regarding the EUR. Concerning the USD, there will a release of Core Durable Goods Orders and Unemployment Claims data at 1:30pm London time.