EUR/USD Signal Update
Last Thursday’s signals produced a profitable short trade following the large doji candle rejecting the resistance level at 1.1400 but it only ran to about 30 pips of profit.
Today’s EUR/USD Signals
Risk 0.75%
Trades may only 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 touch of 1.1337.
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.
Take off 50% of the position as profit when the price reaches 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 1.1302.
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.
Take off 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to ride.
EUR/USD Analysis
The Euro continues to be bullish and looks as if has a good chance of getting established above the higher end of the range of the past several months as the USD continues to weaken. Although we have popped up above 1.1400 it is still holding and it looks as if there was selling off that level towards the end of Friday. This level is likely to be crucial as there is no obvious resistance above it before 1.1559. However as we have already touched it a lot I wouldn’t be looking for a short trade there today.
Below, we have flipped resistance to support now at 1.1337, and below that a newer key level at 1.1302 confluent with a round number and quite close to the 50% retracement of the current upwards thrust. Retracements to either of these levels could give great opportunities to enter long In line with the long-term trend.
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