EUR/USD Signal Update
Yesterday’s signals were not triggered and expired.
Today’s EUR/USD Signals
Risk 0.75%
Entries may be taken only between 8am and 5pm London hours.
Long Trade
Long entry following bullish price action on the H1 time frame following a first touch of 1.2750.
Put a stop loss 1 pip below the local swing low.
Move the stop loss to break even when the trade is 50 pips in profit.
Remove 25% of the position as profit when the trade is 50 pips in profit, and leave the remainder of the position to ride.
Short Trade
Short following bearish price action on the H1 time frame following a first touch of 1.3000.
Put a stop loss 1 pip above the local swing high.
Move the stop loss to break even when the trade is 50 pips in profit.
Remove 25% of the position as profit when the trade is 50 pips in profit and leave the remainder of the position to ride.
EUR/USD Analysis
Yesterday printed a fairly small bearish pin bar. The action is quite choppy although the thrust is still broadly downwards. Trend traders might be able to get short at some point but the action is quite quiet. Today might be more active however as we have news that will affect both the currencies within this pair.
We are still stuck between the very significant levels at 1.2750 and 1.3000. There is local flipped support to resistance confluent with a whole number at 1.2900 that could be good for a short if confirmed by bearish price action.
There are high-impact data releases scheduled for today which are likely to affect both the EUR and the USD. Regarding the Euro, there will be a release of German IFO Business Climate data at 9am London time. At 3pm there will be a release of U.S. New Homes Sales data.