EUR/USD Signal Update
Yesterday’s signals were not triggered and expired.
Today’s EUR/USD Signals
Risk 0.75%
Trades must be made before 5pm London time.
Short Trade 1
Go short after bearish price action on the H1 time frame immediately following the next touch of 1.2503.
Place the stop loss 1 pip above the local swing high.
Move the stop loss to break even once the trade is 20 pips in profit.
Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.
Short Trade 1
Go short after bearish price action on the H1 time frame immediately following the next touch of 1.2564.
Place the stop loss 1 pip above the local swing high.
Move the stop loss to break even once the trade is 20 pips in profit.
Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.
Long Trade 1
Go long after bullish price action on the H1 time frame immediately following the next touch of 1.2361.
Place the stop loss 1 pip below the local swing low.
Move the stop loss to break even once the trade is 20 pips in profit.
Take off 25% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.
Long Trade 2
Go long after bullish price action on the H1 time frame immediately following the next touch of 1.2342.
Place the stop loss 1 pip below the local swing low.
Move the stop loss to break even once the trade is 20 pips in profit.
Take off 25% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.
EUR/USD Analysis
We have now produced two consecutive daily inside candles, which is a fairly rare occurrence. The price has been consolidating strongly between about 1.2500 and 1.2375. Therefore although the support and resistance levels the price is currently trapped between are strong, there is a possibility of a strong breakout beyond them too.
There are high-impact data releases scheduled today directly concerning the EUR but nothing regarding the USD. At 8am London time there will be a release of French Flash Manufacturing data followed by the German data half an hour later. Then at 10am there will be a release of German ZEW Economic Sentiment. The first half of the London session is likely to see most activity.