EUR/USD Signal Update
Last Thursday's signals were not triggered and expired as none of the key levels mentioned were hit that day.
Today's EUR/USD Signals
Risk 0.75%
Trades may only be made 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 entry into the zone between 1.0868 and 1.0848, paying particular attention to the bullish trend line.
Put 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.
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 1.0813.
Put 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.
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 2
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of the bearish trend line shown in the chart below which is currently sitting at about 1.1040.
Put 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.
Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.
EUR/USD Analysis
My forecast was correct but delayed a day as the NFP results initially sent the pair down a little below the anticipated support at 1.0868 on Friday, which proved to be strong support, as the price quite quickly bounced back up by about 100 pips.
We can now draw a bullish trend line connecting the recent lows and of course above we still have a bearish trend line above 1.1000 that looks strong, so we are entering a familiar (for this pair) consolidating triangle formation.
