EUR/USD Signal Update
Last Thursday’s signals were not triggered as the price did not hit either 1.0630 or 1.0800.
Today’s EUR/USD Signals
Risk 0.75%
Trades may only be entered between 8am and 5pm London time today.
Long Trade 1
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.0550.
Put 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 trade is 20 pips in profit and leave the remainder of the position to run.
Short Trade 1
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.0630.
Put 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 trade is 20 pips in profit and leave the remainder of the position to run.
EUR/USD Analysis
It took a while for the market to really react, but the aftermath of the FOMC minutes on Thursday and Friday last week sent this pair falling fairly strongly. We easily broke local support at 1.0750 and then stronger support at 1.0630 on Friday, which subsequently seems to have turned into resistance. Overall the picture looks bearish as we approach multi-year lows that were made within the past few weeks.
If 1.0630 is not broken to the upside the pair should continue to fall. However today is likely to be quiet and it is quite probably that the price will just range gently around 1.0600.
There are no high-impact events scheduled later today concerning either the EUR or the USD.