EUR/USD Signal Update
Yesterday’s signals expired without being triggered as the price never reached either 1.3487 or 1.3687.
Today’s EUR/USD Signals
Risk 0.75%
Entries must be made prior to 5pm London time today.
Long Trade 1
Long entry at the first touch of 1.3487.
Put a stop loss at 1.3454.
Adjust the stop loss to break even when the price reaches 1.3520.
Take off 50% of the position as profit at 1.3520 and leave the remainder of the position to run.
Short Trade 1
Short entry at the first touch of 1.3687.
Put a stop loss at 1.3720.
Adjust the stop loss to break even when the price reaches 1.3632.
Take off 50% of the position as profit at 1.3632 and leave the remainder of the position to run.
EUR/USD Analysis
Very little happened to this pair yesterday. As expected, it was a quiet day.
The bearish trend line above us has continued to hold and we also have ascending lows so we are forming a narrowing triangle. There is also an inner bullish trend line which is very local, but if this line holds it might suggest we are going to break out upwards. If it breaks to the down side, that suggests we are at least going to test the lower bullish ascending trend line.
Breakouts from the larger triangle can always be traded most safely by waiting for a return to the broken trend line and a retest from the other side that ends in price action suggesting a continuation of the direction of the original breakout.
We are far enough away from the key support and resistance levels of 1.3487 and 1.3687 to look for touch trades at both of these levels during the London session today.
Today at 9am London time there is a release of German IFO Business Climate data, which might affect the EUR. Later at 3pm there will be a release of US CB Consumer Confidence and New Home Sales data, which may affect the USD. It should be a livelier day today for this pair.