EUR/USD Signal Update
Yesterday’s signals were not triggered as there was no bullish price action at 1.0995.
Today’s EUR/USD Signals
Risk 0.75%
Trades may only be entered between 8am and 5pm London time today.
Ensure the risk is taken off all open trades by 6:30pm London time.
Short Trade 1
- Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1116.
- 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.
- Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.
Long Trade 1
- Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of the trend line currently sitting just above 1.0900.
- 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.
- Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.
EUR/USD Analysis
Yesterday it looked as if the price was finally breaking bearishly below the lower limit of the consolidating triangle at 1.1000. The price fell with momentum all the way down to about 1.0920 before coming back to trade above 1.1000 again.
The picture is uncertain, although there is a bearish wedge formation that points to a slight downwards bias. Watch a breakout above the inner trend line just above which could foreshadow a move all the way up to 1.1116.
Of course, trading this pair is fairly dangerous and unpredictable at the moment, although it seems like there will be no significant news about the Greek crisis before tomorrow (Thursday).
There is nothing due today regarding the EUR. At 7pm London time there will be a release of the FOMC Meeting Minutes.