By: DailyForex.com
EUR/USD Signal Update
Yesterday's signals were not triggered as there was insufficiently bearish price action at 1.1167 and 1.1200.
Today's EUR/USD Signals
Risk 0.75%
Trades may only be entered between 8am and 5pm London time today.
Long Trades
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Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of the broken trend line 1.1147.
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Place the stop loss 1 pip below the local swing low.
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Move the stop loss to break even once the trade is 20 pips in profit.
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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
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Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1234, 1.1258 or 1.1288.
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Place the stop loss 1 pip above the local swing low.
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Move the stop loss to break even once the trade is 20 pips in profit.
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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
In my forecast yesterday I wrote that the bearish trend structure had remained completely intact, with the price rising to and then rejecting the trend line and horizontal level at 1.1167.
This picture has now finally changed, with the price breaking up past two resistance levels including 1.1167 and a major trend line, suggesting that the downwards trend has paused or maybe even reversed, although it should be noted that the upwards move is not very strong or particularly convincing so it is not worth reaching any conclusions yet.
There may be new support at 1.1200 but the price is currently too close to this level for it to be useful.
We may get more clarity later today with the release of important data for both sides of this currency pair. This is likely to lead to an active New York session.
Concerning the EUR, at 12:45pm London time there will be a release of the Minimum Bid Rate, followed 45 minutes later by the usual ECB Press Conference. Regarding the USD, there will be a release of the ADP Non-Farm Employment Change at 1:15pm, followed by Unemployment Claims data at 1:30pm and Crude Oil Inventories at 4pm.
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