EUR/USD Signal Update
Yesterday’s signals triggered a nicely profitable short trade following the bearish pin candle rejecting the identified resistance level at 1.1204. It would be a good idea to exit the trade by now as the FOMC releases are approaching and anything might happen.
Today’s EUR/USD Signals
Risk 0.75%.
Trades may only be taken between 8am and 5pm London time today.
Make sure trades are protected by 6:30pm at the latest.
Long Trade 1
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1120.
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 ride.
Short Trade 1
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1150.
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 ride.
EUR/USD Analysis
Yesterday saw a bullish pull back to make a peak high with a textbook bearish pin candle rejecting the identified resistance level at 1.1204. Since then, the price has fallen off steadily and at the time of writing is just a few pips above a key support level at 1.1120 having already broken through another level of potential support a little way above that.
Normally I would see everything as nicely bearish, but as the FOMC releases approach the price will most probably consolidate and might then be knocked anywhere.
For this reason, I only give short-term trades with small opportunities today.
There is nothing due today concerning the EUR. Regarding the USD, there will be a release of Crude Oil Inventories data at 3:30pm London time, followed by all the FOMC releases at 7pm and the usual press conference.