EUR/USD Signal Update
Yesterday’s signals were never triggered as the price did not reach either 1.3650 or 1.3878.
Today’s EUR/USD Signals
Risk 0.25%
Entries must be made between 8am and 5pm London time today only.
Long Trade 1
Long trade if confirmed by H1 price action at 1.3710.
Stop loss 1 pip below swing low.
Move the stop loss to break even when the trade is 30 pips in profit.
Remove 50% of the position as profit at 1.3760 and leave the remainder to ride.
Short Trade 1
Short trade if confirmed by H1 price action at 1.3878.
Stop loss 1 pip above swing high.
Move the stop loss to break even when the trade is 25 pips in profit.
Remove 50% of the position as profit at 1.3830 and leave the remainder to ride.
EUR/USD Analysis
Yesterday we had some weak progress upwards. The EUR is quite strong right now across a range of other currencies. However the same can be said about the USD, which is why we are seeing little movement lately by this pair.
There is not much more to say than that other than we are quite far away from significant levels both above and below us which have not changed all week. However I am now ready to look for a long trade at a higher level than I was yesterday, as we have some confluence down at 1.3715 with a bullish trend line just below that price.
The S1 pivot point at 1.3769 might come into play as support today but I have no signal there.
As this is NFP week, it would not be surprising if neither of the levels mentioned above are hit today, but if they are they have a good chance of holding and producing a profitable trade or trades.
Today there is no EUR-specific high-impact data scheduled for release, but at 1:15pm we will have the US ADP Non-Farm Employment Change data. This means it is likely that today will be similar to yesterday in terms of activity.