EUR/USD Signal Update

Yesterday’s signals were not triggered as none of the key levels were reached.

Today’s EUR/USD Signals

Risk 0.75%.

Trades must 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 1.1120.

• 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 Trade 1

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

• 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

Again, not much happened yesterday. The price is still 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 1.1240 now.

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)

There is nothing due today regarding the EUR. Concerning the USD, there will be a release of Final GDP and Unemployment Claims data at 1:30pm London time followed by words from the Chair of the Federal Reserve at 9pm.