EUR/USD Signal Update
Last Thursday’s signals expired without being triggered.
Today’s EUR/USD Signals
Risk 0.75% equity.
Entries must be made prior to 5pm London time today.
Long Trade
Go long following bullish price action on the H1 time frame after the first touch of 1.3325.
Place a stop loss 1 pip below the local swing low.
Move the stop loss to break even when the price reaches 1.3440.
Take off 50% of the position as profit at 1.3440 and leave the remainder of the position to ride to 1.3500.
Short Trade
Go short following bearish price action on the H1 time frame after the first touch of 1.3442.
Place a stop loss 1 pip above the local swing high.
Move the stop loss to break even when the price reaches 1.3325.
Take off 75% of the position as profit at 1.3325 and leave the remainder of the position to ride.
EUR/USD Analysis
This pair got through the entire week without touching either of the closest key support or resistance levels. In fact, last week was an inside week, forming a small bullish pin bar inside the previous week’s candle, which was also a small bullish pin bar. This formation suggests that the most likely short term move is upwards to 1.3442 and possibly beyond that to 1.3500. My colleague Christopher Lewis agrees with me.
The slightly bullish picture is reinforced by the fact that we have been making higher lows on the 4 hour timeframe since 6th August, whereas the highs during that period have been mixed.
Despite the bullish bias, things remain quite uncertain overall, and we might well see 1.3325 before 1.3442.
There are no high-impact data releases due today concerning either the EUR or the USD. Therefore it is likely to be a very quiet day today.