EUR/USD Signal Update
Yesterday’s signals expired without being triggered as the price never reached either 1.1175 or 1.0885.
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 the bearish trend line currently sitting at around 1.1160.
- 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 lower trend line currently sitting just above 1.0880.
- 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
There has been no material change to the picture since my analysis yesterday at around the time of the London open.
If the price goes lower, its reaction at the trend lines will determine the overall technical picture. If it bounces off the first trend line, then that is established as a supportive trend line and we are in a triangle. If instead it breaks that trend line and moves down then respects the lower trend line, then we are in a bearish channel.
Regarding the EUR, there will be Eurogroup meetings all day. Concerning the USD, there will be a release of PPI data at 1:30pm London time followed by the Fed Chair’s testimony before Congress at 3pm, which is likely to be very important.