EUR/USD Signal Update

Yesterday’s signals were not triggered and expired.

Today’s EUR/USD Signals

Risk 0.75%

Trades must be made before 5pm London time only.

Long Trade 1

Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of the supportive trend line currently sitting at around 1.1340.

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.

Long Trade 2

Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1315.

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 the ascending trend line currently sitting at about 1.1415.

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

I forecast yesterday that both of the key trend lines were likely to hold and this is in fact exactly what has happened. Neither of the lines have even been touched.

Although the picture looks bullish overall, it seems the rise lately has been a bit too steep and that some kind of move up to a level beyond 1.1400 followed by a fall down to 1.1340 looks to be the most likely next short-term movement.

There are no high-impact releases due today concerning the USD. Regarding the EUR, there will be a release of German ZEW Economic Sentiment data at 10am London time.