EUR/USD Signal Update
Yesterday’s signals expired without being triggered.
Today’s EUR/USD Signals
Risk 0.75% equity.
Entries must be made before 5pm London time today or from 7pm to 10pm.
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 about 1.3538.
Place a stop loss 1 pip below the local swing low.
Move the stop loss to break even when the price reaches 1.3570.
Take off 75% of the position as profit at 1.3570 and leave the remainder of the position to ride.
Short Trade 1
Go short following bearish price action on the H1 time frame after the first touch of 1.3687.
Place a stop loss 1 pip above the local swing high.
Move the stop loss to break even when the price reaches 1.3630.
Take off 75% of the position as profit at 1.3630 and leave the remainder of the position to ride.
EUR/USD Analysis
As expected, yesterday was another very quiet day. The daily chart is showing that we seem to have formed a fairly sharp bottom and there have been two orderly price waves making a higher low, so the candlestick price action is suggesting that we are moving up. My colleague Christopher Lewis also sees a likely quick upwards move coming next.
However not much store can be put on any detailed analysis at this moment, as the volatility has been very low, and as we are awaiting some major events towards the New York close this evening that are likely to affect both the EUR and the USD, especially the USD.
There are no high-impact data releases scheduled for today concerning either the EUR or the USD before 7pm London time when the US Federal Reserve will release the FOMC Meeting Minutes. Half an hour later, the President of the ECB will speak, and his comments may affect the EUR. Until that point it is likely to be a very quiet day, but the news release should cause considerable liquidity and volatility.