EUR/USD Signal Update
Yesterday's signals expired without being triggered.
Today's EUR/USD Signals
Risk 0.75%
Trades may only be taken 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 1.0813.
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 1
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.0892.
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.
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 1.1070.
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
This pair did little yesterday until after London closed and there were comments appearing from a Fed member suggesting a rate hike in September was more likely than not. This sent the USD up quite quickly during late trading and although the EUR was not the weakest currency by far, it had an impact on this pair too. The price continued to fall during the Asian session and the anticipated support level at 1.0868 was breached, although there are signs that it is holding up with the price seemingly unable to stay below that level for very long.
