EUR/USD Signal Update

Last Thursday’s signals were not triggered as there was no bullish price action at 1.0461.

Today’s EUR/USD Signals

Risk 0.75%.

Trades must be taken between 8am and 5pm London time today only.

Long Trade 1

• Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.0350.

• 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 run.

Short Trades

• Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.0520 or 1.0589.

• 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 run.

EUR/USD Analysis

The price has made a new 13 year low and is in a very significant long-term bearish trend. However, there was strong buying as we got close to the next support level of 1.0350. For the past few days, the price has been bumping up against the new resistance at 1.0468. It is looking increasingly likely as if the price will break above this level and head for 1.0520 in the short term. This level looks like an attractive place to look for short trades.

There is nothing due today regarding the USD. Concerning the EUR, there will be a release of German IFO Business Climate data at 9am London time.