EUR/USD Signal Update
Yesterday’s signals were not triggered and expired.
Today’s EUR/USD Signals
Risk 0.75%
Trades must be made before 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 1.1116.
- 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 run.
Long Trade 1
- Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of the trend line currently sitting just above 1.0900.
- 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 run.
EUR/USD Analysis
I wrote yesterday that a breakout above the inner trend line might foreshadow a move all the way up to 1.1116. This is what happened although it has taken longer than expected, as we touched 1.1116 in late Asian trading.
The broken bearish trend lines below may act as support, but I would prefer the major trend line as support around 1.0900.
The FOMC release last night had very little impact and therefore it seems we are in for more chopping and ranging around, and this pair is likely to be the choppiest and rangiest.
There is nothing due today regarding the EUR, but there may be statements regarding any proposal for a solution that might be submitted today. At 1:30pm London time there will be a release of U.S. Unemployment Claims data.