EUR/USD Signal Update
Last Thursday’s signals expired without being triggered as there was no bearish price action at 1.1365.
Today’s EUR/USD Signals
Risk 0.75%
Trades may only be entered 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 touch of 1.1450.
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.
Short Trade 2
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next 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 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 following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1291.
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
This pair is likely to be the main focus of the Forex market today, with Eurogroup meetings taking place regarding the Greek crisis, and important U.S. economic data being released later.
The price is now in an interesting position. Having broken out of one triangle, it finds itself caught in another, as shown in the below chart. The resistant trend line held just before the London open earlier today.
The key theme is that the bullish trend line has continued to hold. However, we are close to some very key resistance levels. Any news today that is very good for the USD or alarming for the Euro could produce a sharp fall from the resistance levels or even just the resistant trend line. A break up above 1.1400 will have to be watched very carefully from 1.1425 up to 1.1466.
There are high-impact events scheduled today for both the USD and the EUR. Regarding the USD, there will be Existing Homes Sales data at 3pm London time. Concerning the EUR, there are Eurogroup meetings all day which may produce a high impact regarding the Greek crisis.