EUR/USD Signal Update

Yesterday’s signals were not triggered.

Today’s EUR/USD Signals

Risk 0.75%

Trades may only be entered before 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 1.0900.

• 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 run.

Short Trades

• Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1058 or 1.1087.

• 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 run.

EUR/USD Analysis

We have had a small bullish situation develop, with a very short-term supportive trend line driving price up to the top of the channel. It is too early for a short trade as at the time of writing during the Asian session. Another minor bullish sign is that the minor resistance at 1.0993 has been broken and may now possibly act as minor support.

However the best course of action to trade this fairly dull pair will probably be to wait for a breakout above the channel (bullish), or below the immediately supportive trend line (bearish).

(Click on image to enlarge)

There is nothing due today concerning the EUR. Regarding the USD, there will be a release of CB Consumer Confidence data at 3pm London time.