EUR/USD Signal Update
Last Thursday’s signals were not triggered as there was no bullish price action at 1.0943.
Today’s EUR/USD Signals
Risk 0.75%
Trades may only be taken from 8am to 5pm London time today.
Short Trade 1
* Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1053.
* Place the stop loss 1 pip above the local swing high.
* Adjust the stop loss to break even once the trade is 20 pips in profit.
* Remove 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to run.
Short Trade 2
* Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1088.
* Place the stop loss 1 pip above the local swing high.
* Adjust the stop loss to break even once the trade is 20 pips in profit.
* Remove 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to run.
Short Trade 3
* Short entry following a bearish price action reversal on the H1 time frame immediately upon the next entry into the zone between 1.1136 and 1.1170.
* Place the stop loss 1 pip above the local swing high.
* Adjust the stop loss to break even once the trade is 20 pips in profit.
* Remove 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to run.
EUR/USD Analysis
The Euro has continued to show strength even relative to the USD which is becoming the main focus of the market as we head towards tomorrow’s widely expected rate hike from the Federal Reserve. The continued advance means there is no clearly defined support below until 1.0800, however there are several key resistance levels above as we push above 1.1000 and re-enter the lower end of the range that this pair spent a lot of time within earlier this year. Therefore the next interesting moves look likely to be on the short side, despite recent bullishness.
At the moment the price is bouncing off 1.1053 and we may have a short trade right here. If there is a move up instead, there are several more levels. 1.1050 and 1.1170 are quite confluent with major 50% Fib retracement levels which create some resistant confluence.
Regarding the EUR, there will be a release of German ZEW Economic Sales at 10am London time. Concerning the USD, there will be a release of CPI data at 1:30pm.