EUR/USD Signal Update
Last Wednesday’s signals were not triggered and expired.
Today’s EUR/USD Signals
Risk 0.75%
Trades may only be entered between 8am and 5pm London time.
Short Trade 1
Short entry after bearish price action on the H1 time frame immediately following the next touch of 1.2122.
Put the stop loss 1 pip above the local swing high.
Adjust the stop loss to break even once the trade is 20 pips in profit.
Remove 50% of the position as profit when the trade is 20 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 1.1875.
Put the stop loss 1 pip below the local swing low.
Adjust the stop loss to break even once the trade is 40 pips in profit.
Remove 25% of the position as profit when the trade is 40 pips in profit and leave the remainder of the position to run.
EUR/USD Analysis
The pair made a sharp move down last Friday as the market opened for the New Year, driven mainly by weakness in the EUR. When the market opened last night with a gap down the price then fell very quickly to make a new near ten year low, before rebounding quickly. This suggests that we will probably see a choppy week as the price struggles to find its level, but confirms that the low from 2010 is quite likely to be supportive if and when it is reached again. There is no obvious resistance before 1.2122 and we are currently quite far from this price.
There is a high-impact data release scheduled today concerning the EUR, but nothing regarding the USD. At some unknown time, there will be a release of German Preliminary CPI data.