EUR/USD Signal Update

Yesterday’s signals might have produced a losing short trade following the bearish inside bar rejecting the anticipated resistance level of 1.1337.

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 1.1340 or 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.

Short Trades

• Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1400.

• Place 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.

• 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

Yesterday saw a strong move against the USD by practically every currency except the Japanese Yen, and the Euro was no exception. The resistance at 1.1337 was broken and should now be flipped to support, although the new level now looks closer to 1.1340.

The price has been dancing on the trend lines for the past few hours, so I do not think these trend lines are going to be useful again, unless the price moves away from them soon with some clarity.

 There is nothing due today regarding the EUR. Concerning the USD, there will be a release of Crude Oil Inventories data at 3:30pm London time.