EUR/USD Signal Update
Yesterday’s signals expired without being triggered as the price did not reach any of the key levels mentioned during the London session.
Today’s EUR/USD Signals
Risk 0.75%
Trades may only be taken between 8am and 5pm London time today.
Short Trade 1
• Short entry following a bearish price action reversal on the H1 time frame immediately upon the next entry into the zone between 1.1450 and 1.1532.
• 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.
• Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.
Long Trade 1
• Long entry at 9am London time provided the price is above 1.1319.
• Place 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.
• Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.
Long Trade 2
• Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1200.
• Place 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.
• Remove 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
I had been forecasting that 1.1450 was likely to be key resistance and it has now become clear that the short-term upwards trend is over as we descend with relative rapidity from that level. At the time of writing it seems that the London Open is breaking the support at 1.1277 down, which opens the way down to a further move to 1.1200. The short-term future is uncertain, but if we spend today bouncing between 1.1200 and 1.1275 or thereabouts it would not be a surprise.
There are high-impact news releases scheduled today concerning both the USD and the EUR. Concerning the EUR, there will be a release of German ZEW Economic Sentiment data at 10:00am London time. Regarding the USD, there will be a release later of U.S. Building Permits data at 1:30pm.