EUR/USD Signal Update
No signals were given yesterday.
Today’s EUR/USD Signals
Risk 0.75% of equity.
Entries must be made between 8am and 5pm London time today.
Short Trade 1
Go short following a strong lower high after a major high once 1.2959 is broken to the up side.
Place a stop loss 1 pip above the local swing high.
Take off 75% of the position when profit is double risk and leave the remainder to run.
Short Trade 2
Go short following a strong lower high after a major high once 1.3000 is broken to the up side.
Place a stop loss 1 pip above the local swing high.
Take off 75% of the position when profit is double risk and leave the remainder to run.
EUR/USD Analysis
I forecast yesterday that the beginning of a consolidation period is likely now. It is too early to say if this is happening but we certainly have had a halt in the fall with the EUR showing some strength against other currencies. The USD is still very strong so that is not really reflected in a rise in this pair, although yester we did have a slight rise after we made a new low.
If we can continue to rise and break recent highs there may be an opportunity for a short trade, especially at around 1.3000. However this might well not happen today as there are no high-impact news releases scheduled so it is likely to be very quiet.
My colleague Christopher Lewis seems to agree with my analysis.
There are no high-impact data releases scheduled today concerning either the EUR or the USD. It should be a quiet day.