EUR/USD Signal Update
Yesterday’s signal was not triggered and expired.
Today’s EUR/USD Signals
Risk 0.75%
Entries may only be taken between 8am and 5pm London time.
Short Trade
Short entry following bearish price action on the H1 time frame following a first touch of 1.2756.
Put the 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 50% of the position as profit when the trade is 50 pips in profit and leave the remainder of the position to ride.
Long Trade
Long entry following bullish price action on the H1 time frame following a first touch of 1.2660.
Put the 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 50% 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
In my analysis made at the beginning of yesterday’s London session I noted that we may have already made the low of the day and that 1.2660 as a previous monthly inflective low was likely to be supportive. This was correct and we actually had a bullish day yesterday, although we were unable to move up much beyond 1.2700; certainly not to the likely resistance level at 1.2756.
I maintain a bearish bias although the pair is behaving in a choppy fashion right now. There will need to be a smoother flow downwards on the shorter term charts before the downwards trend can really reassert itself.
Nothing much has changed, the same levels from yesterday are also important today, except today I would be prepared to take the right kind of price action-based long trade off a bounce up from 1.2660.
There are high-impact data releases scheduled for today which are likely to affect both the EUR and the USD. At 10am London time there will be a release of year on year CPI Flash Estimate data for the Eurozone. Later at 3pm there will be a release of U.S. CB Consumer Confidence data.