EUR/USD Signal Update
Yesterday’s signals expired without being triggered.
Today’s EUR/USD Signals
Risk 0.75%
Entries may only be made between 8am and 5pm London time today.
Long Trade 1
Long entry following confirming bullish price action on the H1 chart after the first touch of 1.3751.
Put the stop loss 1 pip below the local swing low.
Adjust the stop loss to break even when the price reaches 1.3795.
Take off 50% of the position as profit at 1.3795 and the remainder of the position at 1.3840.
Short Trade 1
Short entry following confirming bearish price action on the H1 chart after the first touch of 1.3861.
Put the stop loss 1 pip above the local swing high.
Adjust the stop loss to break even at 1.3823 and take 40% of the position as profit.
Exit the remainder of the position at 1.3760.
EUR/USD Analysis
Yesterday was another small, choppy day of little consequence. Neither of the important support and resistance levels which I had previously identified was touched. The price just ranged. We did get quite close to the resistance at 1.3861.
Today is quite likely to provide a good opportunity as we have several high-impact news items coming. What is especially exciting is that there is a bullish trend line confluent with the key support level at 1.3751 which is also important psychologically. If the price is driven down there, it could be an excellent long opportunity.
Shorts off a bounce from 1.3861 could also be interesting, as we still have some kind of an unfilled gap up there which might prove to be very strong resistance.
Everything today should be confirmed by price action on the H1 chart before any decisions are taken, as the price is liable to whip around in a volatile way. If there are any big surprises then sentiment might blow everything away against any new market bias.
There are high-impact news events due today that may affect both the EUR and USD, so today is likely to be a volatile day that will give the best trading opportunity of this week. At 9amn London time the German IFO Business Climate Data is released, then one hour later the President of the ECB will speak at a conference. Later at 1:30pm two items of important US data will be released: Core Durable Goods Orders and Unemployment Claims. Therefore this pair will probably be quiet until the New York Open.