EUR/USD Signal Update
Yesterday's signals provided a mildly profitable winning long trade when the price returned to 1.1050 and bounced bullishly, although the move up ran out of steam after about 70 pips.
Today's EUR/USD Signals
Risk 0.75%
Trades must be entered between 8am and 5pm London time today only.
Long Trade 1
Go long following a bullish price action reversal on the H1 time frame immediately after the next retest that may occur following a bullish breakout above the bearish trend line at around 1.1050.
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.
Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.
Long Trade 2
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1016.
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.
Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.
Long Trade 3
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.0868.
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.
Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.
EUR/USD Analysis
Quite early during yesterday's London session, the price broke above the bearish trend line, and returned to it for a bullish bounce later in a classic break and retest breakout pattern. The price is now falling and approaching the trend line again as I write, so it could provide another bullish bounce. A break back below the trend line would ordinarily be a bearish sign, but there is probably support at around 1.1016 and that is likely to extend all way down to the psychologically important 1.1000 level.
