EUR/USD Signal Update

Last Thursday’s signals were not triggered and expired.

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 1.0550.

* 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

* Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of the bearish trend line currently sitting around 1.0667.

* 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

* Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch 1.0708.

* 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

Things are still the same with this pair. Last Thursday I was expecting a quiet period and while it is true we have not made a new low since then, the downwards trend is alive and healthy. The key things to watch today on the upside are whether the round number at 1.0600 holds as minor resistance, and also whether there is a break of the inner (nearest) bearish trend line that can now be drawn. If both of these events happen it suggests a trip up to 1.0700 at least is on the cards. The longer it does not happen, the more likely a trip down to 1.0550 becomes.

There is nothing due today regarding the EUR or the USD.