EUR/USD Signal Update
Last Thursday’s signals were not triggered as the price never quite reached 1.1225
Today’s EUR/USD Signals
Risk 0.75%
Trades may only be made 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 1.1134.
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 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 just below 1.1200.
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.
EUR/USD Analysis
With the cap on emergency funding and run on the Greek banks, the Greek government has been forced to shut the banks for at least a week, close its stock market, and introduce capital controls regarding cash withdrawals from its banks. We are now in a fully-fledged and active Euro crisis, hence market movements are likely to be dramatic and potentially treacherous. It may be wise to avoid trading in general and the Euro pairs and crosses in particular.
Turning to the EUR/USD pair as a subject of analysis, the price gapped down last night below the support at 1.1134, which has probably now flipped to resistance. The anticipated support held the price more or less at around 1.1000 overnight. This may act as support again but it is too early to judge.
There are also bearish trend lines above.
There are no high-impact events scheduled today for either the USD or the EUR. However events in Greece present a full-fledged and immediate crisis for the EUR and as such the price is liable to be highly volatile and unpredictable today.