EUR/USD Signal Update
Yesterday’s signals were not triggered.
Today’s EUR/USD Signals
Risk 0.75%
Trades must be taken before 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 1.0900.
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 price reaches 20 pips in profit and leave the remainder of the position to run.
Short Trades
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1170, 1.1234 or 1.1280.
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
I wrote yesterday that “here is no long-term trend and it seems probable that the price is just going to consolidate in this area for a while.”
This is still the case and it just looks as if the price is going to stabilise and consolidate. It is doubtful that there will be any really significant announcements about the British situation which is the most dramatic thing in this area the market is looking to happen in the near future.
There are probably better trading opportunities elsewhere.
Concerning the EUR, the European Economic Summit is being held today, primarily to discuss Britain’s pending exit from the European Union. Regarding the USD, there will be a release of Crude Oil Inventories data at 3:30pm London time.