EUR/USD Signal Update

Yesterday’s signals were not triggered as the bullish price action took place a little below the identified support level at 1.1201.

Today’s EUR/USD Signals

Risk 0.75%.

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

Long Trades

• Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1120.

• 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 ride.

Short Trade 1

• Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1283.

• Put 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 ride.

EUR/USD Analysis

The price fell a little yesterday but was very weakly supported at around 1.1200. I still have this support level on the chart but I really don’t see it as being very useful.

There is minor resistance overhead at about 1.1220.

There is no long-term trend so I don’t see anything interesting in the entire range between 1.1120 and 1.1283, which means that any opportunities today are very likely to arise in other pairs and not this one.

(Click on image to enlarge)

Regarding the EUR, the President of the ECB will be speaking at 3:30pm London time. Concerning the USD, there will be a release of Core Durable Goods Orders at 1:30pm followed by testimony from the Chair of the Federal Reserve before Congress at 3pm and Crude Oil Inventories data at 3:30pm.