EUR/USD Signal Update
Last Thursday's signals were not triggered as there was no bullish price action at 1.0880.
Today's EUR/USD Signals
Risk 0.75%
Trades must be taken between 8am and 5pm London time today only.
Short Trade 1
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.0914.
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.
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 1.0964.
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.
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 1
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of the lower trend line currently sitting just above 1.0818.
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.
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
The end of last week saw an acceleration in the ongoing bearish move by this pair, which fell to a new low this morning which just grazed the anticipated horizontal support level at 1.0818. Since then, the price has been rising.
We have broken below the lower trend line of the bearish channel and although this line may come into play again, it does not look relevant and I would not take an entry off it today.
There are new interesting levels above at 1.0914 and 1.0964 which looks like suitable places to seek a bearish resumption after a pull back.
