EUR/USD Signal Update
Yesterday’s signals were not triggered and expired.
Today’s EUR/USD Signals
Risk 0.50%.
Entry should be made between 8am and 5pm London time today only.
Long Trade 1
Enter long with a stop buy order at a next bar break of an hourly pin or engulfing bar after a first touch and rejection of 1.3442. The trade is invalidated once an hourly bar closes below this level.
Stop loss at the local swing low.
Move the stop loss to break even when the trade is 25 pips in profit and let it run. Take 75% of the position as profit at 1.3540.
Short Trade 1
Enter short with a stop sell order at a next bar break of an hourly pin or engulfing bar after a first touch and rejection of 1.3583. The trade is invalidated once an hourly bar closes above this level.
Stop loss at the local swing high.
Move the stop loss to break even when the trade is 25 pips in profit and let it run. Take 50% of the position as profit at 1.3530.
EUR/USD Analysis
Yesterday was a fairly quiet and indecisive day. We are still established within a bearish channel and are fairly close to its lower trend line. After falling heavily for several we may be seeing a return to more normal ranging conditions, so I am prepared to look at both long and short trades:
There is likely support below at 1.3442 which is currently not far from the lower trend line of the bearish channel. This level is also quite close to today’s GMT S3 pivot point. Above us there is minor resistance at 1.3540, and more major resistance at the level of 1.3583, which is likely to have changed from support into resistance.
There is no important news due today during the London session for the EUR. Concerning the USD, there is the Non-Farm Employment Change at 1:15pm London time, followed by ISM Non-Manufacturing PMI at 3pm, so this pair should be more active today than it was yesterday.