EUR/USD Signal Update
Yesterday’s signals were not triggered as the price did not hit the bearish trend line shown on yesterday’s chart until after the London close.
Today’s EUR/USD Signals
Risk 0.75%
Trades must be entered 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 1.1291.
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 1.1311.
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 1.1134.
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 1.1003.
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
This pair rocketed up yesterday after opening with a sizeable gap down, and ended the day higher than it began. However, during the latter part of the New York session, the price bounced off a resistant trend line that has been established over the past few weeks, and is opening in London this morning not far from its low from last week.
The price of 1.1134 has been pivotal, and I expect that it could now act as support. Above, the bearish trend line, and the area around 1.1300 past that, could act as resistance.
Of course, this is a risky pair to trade right now, with all the speculation regarding whether or not Greece will exit the Euro soon. At any minute there could be a wild swing in any direction, so be warned and (if you must), trade accordingly.
Regarding the EUR, there will be Eurogroup meetings taking place all day today. Concerning the USD, there will be a release of CB Consumer Confidence data at 3pm.