EUR/USD Signal Update
Yesterday’s signals were not triggered although the price got extremely close to the anticipated support at 1.1068.
Today’s EUR/USD Signals
Risk 0.75%
Trades may only be entered before 5pm London time today.
Protect floating profits on any open trades by 5:30pm.
Long Trade 1
* Go long following a bullish price action reversal on the H1 time frame immediately upon the next entry into the zone between 1.1068 and 1.1035.
* 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.
* Take off 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to ride.
Short Trade 1
* Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1217.
* Place the stop loss 1 pip above the local swing high.
* Move the stop loss to break even once the trade is 25 pips in profit.
* Take off 50% of the position as profit when the price reaches 25 pips in profit and leave the remainder of the position to ride.
EUR/USD Analysis
Yesterday was again a very quiet day, which is not surprising as we are ahead of the big FOMC releases that will take place a little while after the London close today. There was a small downwards move but unsurprisingly the key levels held, especially the support at 1.1068. Quite probably these levels will again hold today before the FOMC, so the best intraday opportunity here will probably be the possibility to scalp trades off these levels.
There is nothing due today concerning the EUR. Regarding the USD, there will be a release of Building Permits and CPI data at 12:30pm London time, followed later by Crude Oil Inventories at 2:30pm and then the FOMC releases commencing at 6pm.