EUR/USD Signal Update
Last Tuesday’s signals expired without being triggered as the price never hit either 1.3555 or 1.3688.
Today’s EUR/USD Signals
Risk 0.75%
Entries must be made before 5pm London time today.
Long Trade 1
Go long after bullish price action on the H1 time frame following a first touch of 1.3555.
Place the stop loss 1 pip below the local swing low.
Move the stop loss to break even when the price reaches 1.3585.
Remove 50% of the position as profit at 1.3585 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.
EUR/USD Analysis
The last six days have seen this pair go nowhere; it has been ranging in a narrow range of about 65 pips. The major reason for this is that there were important economic data releases approaching which the market was waiting for, and these releases begin today and end tomorrow with the U.S. Non-Farm Payrolls data.
Therefore there is really nothing new to say about this pair at all. It is usually one of the most boring, ranging pairs to trade and new traders are well advised to try to broaden their repertoire of pairs to trade away from this.
The key technical levels I was talking about last week have not yet been touched and should be good for trades as so much time has built up during this ranging period. There is 1.3655 below and 1.3688 above.
Bias is broadly bearish.
At 12:45pm London time the ECB will declare the EUR’s minimum bid rate followed by a press conference at 1:30pm. Also at 1:30pm there will be the release of U.S. Unemployment Claims data. There is likely to be some volatility in this pair after Noon London time.