EUR/USD Signal Update
Yesterday's signals might have given a quick and profitable short trade off 1.0892.
Today's EUR/USD Signals
Risk 0.75%
Trades must be entered between 8am and 5pm London time today.
Long Trade 1
Go long 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.
Place 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 1.0813.
Place 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.
Short Trade 2
Go short 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 1.1050.
Place 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.
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
I was correct yesterday in anticipating a selling confluence at around 1.0900 but it was all quite short term and choppy as the GBP was the main mover yesterday. The USD data was disappointing which immediately sent the USD lower although it recovered to an extent.
The area at around 1.0868 which I had identified as support did prove in the end to hold the low of the day and the price of this pair has been moving up overnight. This would suggest a bullish bias today, nevertheless with the NFP due tomorrow the action will most likely be choppy again. The important levels are all still there.
