EUR/USD Signal Update
Yesterday’s signals were not triggered as the price never reached either 1.3575 or 1.3687.
Today’s EUR/USD Signals
• Risk 0.75% equity.
• Entries must be made before 5pm London time today.
Long Trade 1
• Long entry following bullish price action on the H1 time frame after the first touch of 1.3575.
• Put a stop loss 1 pip below the local swing low.
• Adjust the stop loss to break even when the price reaches 1.3650.
• Remove 75% of the position as profit at 1.3650 and leave the remainder of the position to run.
Long Trade 2
• Long entry following bullish price action on the H1 time frame after the first touch of 1.3543.
• Put a stop loss 1 pip below the local swing low.
• Adjust the stop loss to break even when the price reaches 1.3570.
• Remove 25% of the position as profit at 1.3570 and leave the remainder of the position to run.
Short Trade 1
• Short entry following bearish price action on the H1 time frame after the first touch of 1.3687.
• Put a stop loss 1 pip above the local swing high.
• Adjust the stop loss to break even when the price reaches 1.3630.
• Remove 75% of the position as profit at 1.3630 and leave the remainder of the position to run.
EUR/USD Analysis
Nothing of any importance happened with this pair yesterday, as was expected from the total absence of high-impact news, and the fact that Mondays tend to be relatively quiet.
The price action at the moment suggests we may now be heading down to 1.3575, which could provide a good opportunity for a long trade.
The important price levels mentioned in the signals above remain intact. I put particular weight on 1.3543 and 1.3687.
At 10am London time there is a release of German ZEW Economic Sentiment data. Later at 1:30pm there will be a release of US Retail Sales and Core Retail Sales data, and then at 3pm the Chair of the Fed will be testifying. Therefore today is likely to be at least a fairly active day for this pair.