EUR/USD Signal Update
Last Thursday’s signals provided a profitable short trade at the London Open after an hourly bearish pin candle bounced off the resistance at 1.1116.
Today’s EUR/USD Signals
Risk 0.75%
Trades may only be taken 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 1.1292.
- 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 the trend line currently sitting just above 1.0890.
- 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 really is caught in a kind of neutral territory at the moment. After it began to look as if a Euro/Greek deal would be successfully concluded shortly, the Euro recovered and wiped out the resistance that was holding at 1.1116. Emergency talks are still ongoing and pending their conclusion, we can expect this pair to range fairly aimlessly. There is broad resistance above 1.1200 and broad support below 1.1000, but the specific levels are beyond those points.
Regarding the EUR, there will be Eurogroup meetings all day. Concerning the USD, there is nothing scheduled today.