EUR/USD Signal Update
Yesterday’s signals were not triggered and expired.
Today’s EUR/USD Signals
Risk 0.75%
Entries may be made only between 8am and 5pm London time today.
Long Trade 1
Long entry following confirming bullish price action on the H1 chart after the first touch of 1.3643.
Put a stop loss 1 pip below the local swing low.
Adjust the stop loss to break even when the price reaches 1.3740.
Take off 75% of the position as profit at 1.3695 and the remainder of the position at 1.3740.
Short Trade 1
Short entry following confirming bearish price action on the H1 chart after the first touch of 1.3748 and 1.3754 which should both happen within one hour.
Put a stop loss 1 pip above the local swing high.
Adjust the stop loss to break even when the price reaches 1.3775.
Take off 50% of the position as profit at 1.3703 and the remainder of the position at1.3655.
EUR/USD Analysis
I mentioned yesterday we are due some kind of consolidation and/or pull-back and yesterday we certainly had some consolidation, with the 1.3695 support level holding and the price going nowhere. This means that the situation really has not changed at all.
It is still too soon to look for a long at 1.3695, but I will certainly look for a short if we pull back to 1.3748. This should be an excellent level to look for a short trade following a pull-back, as it is confluent with several factors: a key trend line which should now be acting as resistance, today’s daily GMT R2 pivot point, and the psychological level of 1.3750.
There are no high-impact news releases scheduled today concerning the EUR. At 1:30pm London time, there will be the U.S. data releases of Core CPI and Retail Sales. Therefore it may well be a quiet morning until the New York open.