EUR/USD Signal Update
Yesterday’s signals were not triggered as there was no bullish price action at the supportive trend line.
Today’s EUR/USD Signals
Risk 0.75%
Trades must be entered before 5pm London time today only.
Long Trade 1
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1108.
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 1
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of the broken supportive trend line currently sitting at around 1.1230.
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
Yesterday we broke down past the weak supportive trend line and the price has remained below there. This is a bearish sign signalling that we are likely to move down to the next key support not far above 1.1100, and also that this trend line may now have flipped from support to resistance. Therefore a pull back up to that trend line could be a good shorting opportunity now if it is accompanied by bearish price action if and when it gets there.
There is key support at 1.1108 below and the faster we get there, the more supportive it is likely to be.
There is nothing due today regarding either the EUR or the USD.
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