EUR/USD Signal Update
Yesterday’s signals produced a losing short trade off the bearish engulfing candle rejecting the resistance level at 1.1338. The level ultimately held however, as can be seen on the H4 chart shown below.
Today’s EUR/USD Signals
Risk 0.75%
Trades must be taken before 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 entry into the zone between 1.1234 and 1.1220.
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 run.
Short Trade 1
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1338.
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 run.
Short Trade 2
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1400.
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 run.
EUR/USD Analysis
Yesterday’s US ADP number was about what the market was expecting, maybe just a little better, so there was a little profit taking here during the New York session after the strong move up. So far the pullback looks quite natural and we have to say that the anticipated resistance level has held although it did take a couple of bounces. The resistances here and also at 1.1400 are likely to be quite strong as they have effectively capped the price for many months.
