EUR/USD Signal Update
Yesterday’s signals were not triggered as the price did not print bearish action after the first touch of 1.3687.
Today’s EUR/USD Signals
Risk 0.75%
Entries must be made before 5pm London time today.
Short Trade 1
Short entry following bearish price action on the H1 time frame after the first touch of 1.3748.
Put a stop loss 1 pip above the local swing high.
Adjust the stop loss to break even when the price reaches 1.3705.
Take off 75% of the position as profit at 1.3705 and leave the remainder of the position to run.
Long Trade 1
Go long following bullish price action on the H1 time frame after the first touch of the bullish trend line currently sitting at around 1.3633.
Put a stop loss 1 pip below the local swing low.
Adjust the stop loss to break even when the price reaches 1.3675.
Take off 50% of the position as profit at 1.3675 and leave the remainder of the position to run.
EUR/USD Analysis
Yesterday saw a sudden and surprising move up. We almost reached 1.3700, a little above my anticipated level of 1.3687. It seems now that the price is falling off from this area somewhat, that we may have a zone of resistance running up to about 1.3700. However as we are still up there and have been up there all night, I am not going to be looking for a short trade from this level, but will instead be waiting if and until we reach the key psychological number at around 1.3748 before looking to short.
Below us, the closest support is the bullish trend line that has been providing support over the past several days. A pull back to this line with bullish price action should be a good opportunity.
My colleague Christopher Lewis also has a long bias.
There are no high-impact data releases scheduled for today that can be expected to directly affect the EUR. Later at 3pm London time there will be a release of ISM Manufacturing PMI data, which may affect the USD.