EUR/USD Signal Update
Yesterday’s signals were not triggered as although the price did reach 1.1300, there was no bearish action on the H1 chart to justify a short trade there.
Today’s EUR/USD Signals
Risk 0.75%
Trades must be entered before 5pm London time and moved to break even by 6:30pm.
Short Trade 1
Short entry after bearish price action on the H1 time frame immediately following the next touch of 1.1458.
Put the stop loss 1 pip above the local swing high.
Adjust the stop loss to break even once 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 run.
Long Trade 1
Long entry after bullish price action on the H1 time frame immediately following the next touch of 1.1294.
Put the stop loss 1 pip below the local swing high.
Adjust the stop loss to break even once 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 run.
EUR/USD Analysis
I wrote yesterday that a break above 1.1300 would indicate strength in the EUR and clear a move up to 1.1458. We did get that break but the price so far only got as high as 1.1421. We have seen the first consecutive 2 day move against the USD in several weeks, but things will probably calm down today in advance of the big USD news release due tonight after the London close. There are key levels to watch within reasonable distance for both long and short trades. Any trade needs to be protected before the news volatility will kick in at about 6:30pm London time.
There are no high-impact data releases scheduled today concerning the EUR, but there are regarding the USD later after London closes. At 7pm London time there will be a release of the FOMC Statement and Federal Funds Rate. This might have a big impact upon the USD.