EUR/USD Signal Update
Last Thursday’s signals were not triggered and expired.
Today’s EUR/USD Signals
Risk 0.75%
Entries should only be made from 8am to 5pm London time.
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 entry 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
Last Thursday I wrote that although the pair still looks weak, it is not very interesting to trade as long as it remains stuck between 1.2750 (where there is major support from the big double bottom last year that started the major bullish move up to 1.4000), and last week’s high at around 1.3000. Nothing has happened to change my analysis.
We have been heading upwards since the market opened yesterday evening so it looks like we are not going to have any breaks of lows that might give opportunities for quick short trades. There is local resistance at the 1.2960 area so the price might turn bearish there.
At 2pm London time the President of the ECB will testify before the European Parliament on monetary policy, which may affect the Euro. It is likely to be a quiet day before that time for this pair.