EUR/USD Signal Update
Yesterday’s signal was not triggered and expired as the price never reached 1.1532.
Today’s EUR/USD Signals
Risk 0.75%
Trades may only be entered between 8am and 5pm London time only.
Short Trade 1
Short entry following some bearish price action on the H1 time frame immediately upon the first touch of 1.1532.
Place the stop loss 1 pip above the local swing high.
Move the stop loss to break even once the trade is 25 pips in profit.
Take off 50% of the position as profit when the trade is 25 pips in profit and leave the remainder of the position to ride.
Short Trade 2
Short entry following a break and failed retest of the lower triangle trend line.
Place the stop loss 1 pip above the local swing high.
Move the stop loss to break even once the trade is 25 pips in profit.
Take off 50% of the position as profit when the trade is 25 pips in profit and leave the remainder of the position to ride.
EUR/USD Analysis
Yesterday I saw “local support at around or just below the 1.1300 level”. This support did hold and eventually produced the major move of the day, an upwards run in excess of 50 pips. Nevertheless, the technical picture remains the same: this pair is stubbornly ranging within a narrowing triangle and is probably not going to break out until there is more definitive clarity on the ongoing Greek crisis. However, overall it looks more likely to break down than up. A real break below 1.1300 could see a fairly sharp fall, with no clear obvious support levels anywhere nearby below that level. With this pair, it would usually be wise to wait for a break below the trend line, and wait for a failing retest of the broken trend line, before going short.
There are high impact events concerning both the EUR and the USD today. Regarding the EUR, the President of the ECB will be testifying before the European Parliament at 2pm London time. Later at 3pm there will be a release of U.S. CB Consumer Confidence data and the Chair of the Federal Reserve will begin her testimony. Therefore this pair is likely to be most active during the New York session.