EUR/USD Signal Update
Yesterday’s signals produced a profitable short trade following the bearish engulfing candle rejecting the resistance level identified at 1.0666. Such a trade should be mostly closed out for profit by now.
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 1.0563.
* 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 Trades
* Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.0621 or 1.0666.
* 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 overall picture is somewhat unclear. There is certainly a long-term downwards trend and the price fell quite strongly yesterday from the resistance level at 1.0666. However, the higher lows below are a more clearly defined pattern than anything above, except for a bearish Quasimodo pattern that seems to have its final shoulder at 1.0621.
The outlook is uncertain.
There is nothing due today regarding the EUR. Concerning the USD, there will be a release of Preliminary GDP data at 1:30pm London time, followed later by CB Consumer Confidence at 3pm.
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