EUR/USD Signal Update
Yesterday’s signals were not triggered and expired as the price did not reach 1.2445 during the London session.
Today’s EUR/USD Signals
Risk 0.75%
Trades may only be made between 8am and 5pm London time.
Short Trade 1
Short entry following bearish price action on the H1 time frame immediately following the next touch of 1.2442.
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 trade is 20 pips in profit and leave the remainder of the position to run.
Short Trade 2
Short entry following bearish price action on the H1 time frame immediately following the next touch of 1.2507.
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 trade is 20 pips in profit and leave the remainder of the position to run.
Long Trade 1
Long entry following bullish price action on the H1 time frame immediately following the next touch of 1.2275.
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 trade is 20 pips in profit and leave the remainder of the position to ride.
EUR/USD Analysis
I wrote yesterday that it would not be surprising if this pair was to see some kind of bullish pull back during the day, and this is exactly what happened. It was also not surprising that on such a relatively quiet day, the flipped support to resistance level at around 1.2445 was the high of the day, although unfortunately this happened late after the London session, not giving a good opportunity for a short trade.
A return to that level, especially if it includes a rejection off the broken lower triangle trend line, would be a good opportunity for a short. There is an additional flipped level at 1.2507 which could be another good shorting opportunity, especially if combined with a rejection of the upper triangle trend line.
There are no high-impact data releases scheduled today that will directly affect the EUR. Regarding the USD, at 1:30pm London time there will be a release of Preliminary GDP data, followed later at 3pm by CB Consumer Confidence. The New York session is likely to be more volatile than the earlier London session.