EUR/USD Signal Update
Last Thursday’s signals produced a 20 pip winning short trade following the bearish inside bar breaking after the rejection of the resistance level at 1.1338.
Today’s EUR/USD Signals
Risk 0.75%
Trades may only be entered before 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 1.1204.
* 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.
Long Trade 2
* Go long following a bullish price action reversal on the H1 time frame immediately upon the next entry into the zone between 1.1068 and 1.1035.
* 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 Trade 1
* Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1338.
* 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.
Short Trade 2
* 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
The USD is looking weak just about everywhere, although it did recover on Friday and also it has been recovering a little since this week opened. However the bigger picture is a weakening USD and the possible start of some bullish trends of risk assets against the USD. It is not clear these days whether the EUR is exactly a risk asset, but what can be seen by looking at a long-term chart is that the area around 1.1400 has been acting as a price ceiling for a long time. If the medium-term bullish trend in this pair can break up past that level, then it will be a very bullish sign and signal that the price is quite probably heading higher than 1.2000. However a bearish failure near here could easily spark a fall of 200 or 300 or so pips.
