EUR/USD Signal Update
Yesterday’s signals were not triggered as the price never reached 1.1291.
Today’s EUR/USD Signals
Risk 0.75%
Trades may be taken only 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 the bearish trend line currently sitting at about 1.1260.
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 1.1291.
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 3
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1311.
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 1.1134.
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 was correct in looking at short signals yesterday and as seeing this pair as likely to continue as the centre of the market focus. It should also continue to be so today.
Unfortunately the price yesterday did not get up to 1.1291 by about 10 pips or so, otherwise it would have made a great short trade, capturing the high of the day. In the sharp fall that transpired, some key support was taken out. It now appears that there was a flip at 1.1134 so this level now looks to be good support.
As I write just at the London open, the price is struggling to really break up above 1.1200, which may also establish itself as key flipped support to resistance if it remains unbroken. The price does seem poised to move up if it can break up past that price. The first test after that would likely be the old trend line at around 1.1260.
There are high-impact events scheduled today for both the USD and the EUR. Regarding the EUR, there will be a release of German IFO Business Climate data at 9am London time. Concerning the USD, there will be a release of Final GDP data at 1:30pm.