EUR/USD Signal Update
Yesterday’s signals were not triggered.
Today’s EUR/USD Signals
Risk 0.75%
Trades may only be entered between 8am and 5pm London time today.
Long Trades
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1278 and 1.1200.
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 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 1.1318.
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 price reaches 20 pips in profit and leave the remainder of the position to ride.
EUR/USD Analysis
The pair was looking slightly bullish after the London Open, but not much happened except the run-up to 1.1300 that took place around the New York Open. Since then, not much has happened either.
This move has had the effect of knocking out the two levels it sliced through, and printing 1.1278 as a possible new support level.
It does not feel as if we are going to see any large moves by this pair before the FOMC releases tomorrow.
There is nothing due today concerning the EUR. Regarding the USD, there will be a release of Retail Sales data at 1:30pm London time.