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 Trade 1
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.0900.
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 1.1170, 1.1234 or 1.1280.
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
The price has recovered somewhat and at the time of writing was trading above the weekly open. In every way, this pair is trading in a no-man’s land, albeit in a bearish environment. There is no long-term trend and it seems probable that the price is just going to consolidate in this area for a while. The level at 1.09 should be a solid floor but it seems doubtful that the EUR can get any bullish momentum behind it in the wake of ongoing machinations following the Brexit vote last week.
There are probably better trading opportunities elsewhere.
Concerning the EUR, the President of the ECB will be speaking at the European Central Bank Forum at 9am London time. Regarding the USD, there will be a release of Final GDP data at 1:30pm followed later by CB Consumer Confidence at 3pm.