EUR/USD Signal Update
Yesterday’s signals were not triggered as there was no bearish price action at 1.1302.
Today’s EUR/USD Signals
Risk 0.75%
Trades may only be entered between 8am and 5pm London time today.
Protect any open trades by 6:30pm.
Long Trades
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1234 or 1.1173.
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 Trades
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1339 or 1.1398.
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.
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.
EUR/USD Analysis
Yesterday saw an upwards move which was underlined by poorer than expected U.S. economic data. Attention will now turn to the FOMC release due later after London closes, so the price will probably trade within a range until that time.
Regarding the USD, there will be a release of Crude Oil Inventories at 3:30pm London time, followed later by the FOMC Statement and Federal Funds Rate at 7pm. There is nothing due concerning the EUR.