EUR/USD Signal Update
Yesterday's Signal 1 was triggered (short after break of 1.2959) and produced some profit, but it would be a good idea to close out any open short trades now.
Today’s EUR/USD Signals
Risk 0.75% of equity.
Entries only after 8am and before 5pm London time today.
Short Trade 1
Short entry following a strong lower high after a major high once 1.2964 is broken to the up side.
Put a stop loss 1 pip above the local swing high.
Remove 75% of the position when profit is double risk and leave the remainder to ride.
Short Trade 2
Short entry following a strong lower high after a major high once 1.3000 is broken to the up side.
Put a stop loss 1 pip above the local swing high.
Remove 75% of the position when profit is double risk and leave the remainder to ride.
EUR/USD Analysis
Yesterday I noted a potential short opportunity if we failed to convincingly break some recent daily highs, and that opportunity did arise yesterday. As expected we have now entered a small period of consolidation. That may change today as we have some U.S. Data later and an ECB speech tonight. The key support and resistance levels have not changed and are shown in the daily chart below..
There are high-impact events scheduled today concerning both the EUR and the USD. At 1:30pm London time there will be a release of U.S. Unemployment Claims data. Later after the London sessionn, the President of the ECB will be speaking. Today should be more active than recent days have been, particularly during the New York session.