EUR/USD Signal Update
Yesterday’s signals expired without being triggered as the price did not reach 1.1300 during the London session.
Today’s EUR/USD Signals
Risk 0.75%
Trades must be made before 5pm London time today.
Short Trade 1
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1365, after the price has broken below 1.1329.
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.
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 2
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1450.
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.
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.
Long Trade 1
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1329.
Put the stop loss 1 pip below the local swing low.
Adjust 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.
Long Trade 2
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of wither of the broken trend lines currently sitting between 1.1291 and 1.1260.
Put the stop loss 1 pip below the local swing low.
Adjust 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
Yesterday’s forecast worked out quite well as the London session did remain within the consolidating triangle as expected. The FOMC was generally found by the market to not be positive for USD bulls, so we had a break up out of the triangle, although that has been held by resistance so far at 1.1365. This might provide a short trade, but this would be trading against prevailing sentiment so would have to be managed very carefully and conservatively. A break up above 1.1365 to the direction of 1.1450 would be a more probably outcome.
Dips down to likely flipped support at 1.1329 and the trend lines below could be good long opportunities.
There are high-impact events scheduled today for both the USD and the EUR. Regarding the USD, there will be CPI and Unemployment Claims data at 1:30pm London time followed by the Philly Fed Manufacturing Index later at 3pm. Concerning the EUR, there will be Eurogroup meetings all day, and at 10:15am the ECB will be releasing Targeted LTRO data..