EUR/USD Signal Update
No signals were given yesterday.
Today’s EUR/USD Signals
Risk 0.75%
Entries only between 8am and 5pm London time.
Short Trade 1
Short entry following bearish price action on the H1 time frame after a first touch of 1.2759.
Put the stop loss 1 pip above the local swing high.
Move the stop loss to break even when the trade is 30 pips in profit.
Remove 50% of the position as profit when the trade is 30 pips in profit and leave the remainder of the position to ride ensuring there is no risk left in the trade.
EUR/USD Analysis
I forecast yesterday that the day’s move was likely to be downwards, and that we would not break below 1.2600. Both of these forecasts were correct.
This pair is really just ranging between 1.2600 and the area around 1.2750 and may even be forming a triangle. Looking at the chart, it is difficult to have a strong idea of what this pair is going to do next.
As some time has now elapsed, I would be prepared to look for shorts again at the next retest of 1.2759.
There are no high-impact data releases concerning the EUR scheduled for today’s London session, although the President of the ECB will be speaking later this evening. Regarding the USD, there will be several data releases later at 1:30pm London time: Core Retail Sales, Retail Sales, and PPI. It is likely to be quiet before the New York session, which should be volatile.