EUR/USD Signal Update
Yesterday’s signals expired without being triggered as the price never reached either 1.0630 or 1.0809.
Today’s EUR/USD Signals
Risk 0.75%
Trades may only be made before 5pm London time only.
Long Trade 1
Go long following a bullish price action reversal on the H1 time frame immediately upon the first touch of 1.0630.
Put 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 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.
Short Trade 1
Go short following a bearish price action reversal on the H1 time frame immediately upon the first touch of 1.0809, provided there was no prior hourly close above 1.0809.
Put 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 run.
EUR/USD Analysis
There has been little technical change from yesterday, with none of the key levels being reached during that London session. However in early pre-London trading today, the resistance at 1.0809 has been reached. If the price is clearly above that level at the London open then we may well continue to head upwards and it invalidates a short off this level. If 1.0830 is cleared the price could rise all the way up to 1.0947.
If 1.0809 holds then it suggests a fall back down towards 1.0700.
However as we are approaching a big data release tomorrow, then unless the data today is wildly out of line with expectations, there probably will not be a lot of movement in this pair.
There are no high-impact events scheduled today concerning the EUR, but there is regarding the USD. At 1:30pm London time, there will be releases of Trade Balance and Unemployment Claims data.