EUR/USD Signal Update
Last Wednesday’s signals expired without being triggered as the price did not reach 1.2712 during the London session that day.
Today’s EUR/USD Signals
Risk 0.75%
Entries only between 8am and 5pm London time.
Long Trade 1
Long entry following bullish price action on the H1 time frame after a first touch of 1.2500.
Put the stop loss 1 pip below the local swing low.
Move the stop loss to break even when the trade is 30 pips in profit.
Remove 50% of the position as profit when the trade is 30 pips in profit and leave the remainder of the position to ride ensuring there is no risk left in the trade.
Short Trade 1
Short entry following bearish price action on the H1 time frame after a first touch of 1.2759.
Put the stop loss 1 pip above the local swing high.
Move the stop loss to break even when the trade is 30 pips in profit.
Remove 50% of the position as profit when the trade is 30 pips in profit and leave the remainder of the position to ride ensuring there is no risk left in the trade.
EUR/USD Analysis
During the second half of last week the USD initially continued its pullback, and the EUR rallied a little, until we arrived close to 1.2800 before falling again. However we have been rising since the weekly open.
It is quite likely that this pair will chop around for a while if its downtrend does not resume. Note that we have had a few pauses for several days in this downtrend over recent months, so it is too early to assume anything.
There are no key levels before 1.2759 above and 1.2500 below.
There are no high-impact data releases concerning either the EUR or the USD scheduled for today’s London session. It is a public holiday in the U.S.A. today. For these reasons it is likely to be a very quiet day today for this pair.