EUR/USD Signal Update
Yesterday’s signals were not triggered as none of the key levels were reached.
Today’s EUR/USD Signals
Risk 0.75%.
Trades must be taken from 8am to 5pm London time today only.
Long Trades
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.0589 or 1.0520.
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 run.
Short Trades
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next entry into the zone between 1.0684 and 1.0699, or firsts touch of 1.0796.
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 run.
EUR/USD Analysis
Yesterday was very quiet and the price did not go anywhere interesting. None of the levels were hit. This I not a great surprise as there was no news and the market is waiting for the big Federal Reserve announcements due later today. Usually, any levels hit during the session before such announcements are respected.
There is nothing due today regarding the EUR. Concerning the USD, there will be releases of Retail Sales and PPI data at 1:30pm London time, followed later by Crude Oil Inventories at 3:30pm. Finally, we will get the FOMC Statement, Economic Projections and Federal Funds Rate at 7pm.