EUR/USD Signal Update
Last Thursday’s signals were not triggered and expired.
Today’s EUR/USD Signals
Risk 0.75%
Entries must be made between 8am and 5pm London time today, except for the touch trades which must be entered before 4pm if they are taken.
Long Trade 1
Go long at the first touch of 1.3555.
Place the stop loss at 1.3520.
Move the stop loss to break even when the price reaches 1.3592.
Remove 50% of the position as profit at 1.3592 and leave the remainder of the position to ride.
Short Trade 1
Go short after bearish price action on the H1 time frame following a first touch of 1.3688.
Place the stop loss 1 pip above the local swing high.
Move the stop loss to break even when the price reaches 1.3655.
Remove 50% of the position as profit at 1.3655 and leave the remainder of the position to ride.
Short Trade 2
Go short following the first touch of 1.3748.
Place the stop loss at 1.3780.
Move the stop loss to break even when the price reaches 1.3700.
Remove 50% of the position as profit at 1.3685 and leave the remainder of the position to ride.
EUR/USD Analysis
The price continued to fall gently on Thursday and Friday before bottoming out yesterday at around 1.3600. The most significant technical development seems to be the flipping of support to resistance at 1.3688, a level at which I am now looking to go short. A sustained break above that level should lead to an eventual test of 1.3748. Below us there is a fresh support level at 1.3655.
The President of the ECB will be speaking at around 4pm London time which is likely to cause volatility in the EUR. Concerning the USD, there is the CB Consumer Confidence data at 3pm.