EUR/USD Signal Update
Yesterday’s signals were not triggered and expired, as the price never reached either 1.2400 or 1.2133.
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 1.2357.
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 2
Go short after bearish price action on the H1 time frame immediately following the next touch of 1.2400.
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 3
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.
EUR/USD Analysis
The market is pretty active, as although we had no major news yesterday and it was a Monday, this pair still managed to move up 100 pips or so, well above its weekly open and against the long-term trend.
We are now approaching a moment of truth as there are three levels of resistance plus a major bearish trend line above us. Each of these can give a good opportunity to go short. The first level of 1.2357 should be treated with special caution. I expect 1.2400 to be more solid.
If 1.2400 and the bearish trend line are both properly broken to the upside, this will be a bullish sign, indicating that a major pull back is probably beginning. My colleague Christopher Lewis sees some signs of possible short-term bullishness.
There are no high-impact data releases scheduled today directly concerning either the EUR or the USD. It is likely to be a quiet day for this pair.