EUR/USD Signal Update
Yesterday’s signals were not triggered as none of the levels were reached during that session.
Today’s EUR/USD Signals
Risk 0.75%.
Trades may only be entered before 5pm London time today.
Long Trades
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.0350 or 1.0300.
Put 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.
Remove 50% of the position as profit when the price reaches 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 1.0468.
Put 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.
Remove 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 area around 1.0475 has again proven to be crucial, acting as reliable resistance within this downwards trend.
The price is now in sight of the multi-year low which was made last week.
It is quite possible there will be long-term buying when the price approaches levels closer to parity, but there is a strong bearish trend making news lows and that puts the odds in favour of short trades.
There is nothing due today regarding either the USD or the EUR.
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