EUR/USD Signal Update
Yesterday’s signals produced a profitable short trade off the bearish outside candle rejecting the resistance level I had placed at 1.1071. This was good for about 20 pips so far.
Today’s EUR/USD Signals
Risk 0.75%
Trades must be entered between 8am and 5pm London time today only.
Long Trade 1
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1005.
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.
Remove 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 1
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next entry into the zone from 1.1071 to 1.1100.
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.
Remove 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to ride to 1.1015.
Short Trade 2
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch 1.1136.
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.
Remove 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to run.
EUR/USD Analysis
The resistance I forecast at 1.1071 acted perfectly as the high yesterday, although there was not really a lot of profit on this short. This pair is really just ranging quietly and this should be even more pronounced today in the run-up to the FOMC release which will occur after the London market close. Therefore I think the price should again be contained between resistance at 1.1071 and support at 1.1005 during the day today.
Regarding the USD, there will be a release of the FOMC Statement and Federal Funds Rate at 6pm London time. There is nothing due concerning the EUR.