EUR/USD Signal Update
No signals were given yesterday.
Today’s EUR/USD Signals
Risk 0.75%
Entries may be made only before 5pm London time today.
Long Trade 1
Long entry following the first touch of 1.3555.
Put a stop loss at 1.3520.
Adjust the stop loss to break even when the price reaches 1.3592.
Take off 50% of the position as profit at 1.3592 and leave the remainder of the position to ride.
Short Trade 1
Short entry following the first touch of 1.3748.
Put a stop loss at 1.3780.
Adjust the stop loss to break even when the price reaches 1.3700.
Remove 50% of the position as profit at 1.3685 and leave the remainder of the position to ride.
EUR/USD Analysis
I was very wrong yesterday about 1.3643 not being hit before the FOMC statement. The price did in fact fall to a level just a few pips below that support shortly before the release, before rising about 40 pips with some momentum. However it fell off overnight and this morning opens with the pair looking bearish. That might change with the release of data at around the London open, but things look bearish generally. The fact that we could only get 40 bullish pips after hitting 1.3643 suggests that as things stand, this pair is likely to fall lower, eventually reaching the next key support at 1.3555.
As 1.3643 was tested only yesterday evening, I would not look for another long here, but would only go long in the unlikely event that we reach 1.3555 today. A run up to 1.3748, which is also unlikely, would be a good trigger for a short.
Overall, I have a bearish bias on this pair.
There is important news sue today for both the EUR and the USD. At 8am London time there is German Flash Manufacturing data and then half an hour later there is French Flash Manufacturing data, which are likely to affect the EUR somewhat. Later at 1:30pm there are U.S. Unemployment Claims data followed by Existing Homes Sales at 3pm. This pair has been quite active lately and will probably be so again today.