EUR/USD Signal Update
There is no outstanding signal.
Today’s EUR/USD Signals
Short Trade 1
Short entry after bearish price action on the H1 time frame immediately following the next touch of 1.1893.
Put the stop loss 1 pip above the local swing high.
Adjust the stop loss to break even once the trade is 20 pips in profit.
Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.
In my last analysis a couple of days I ago I wrote that short is still a better bet than long and overall I have been right, as the pair continued to trend dwnwards, despite making a short-term fouble bottom at 1.1750 that looked supportive. That double bottom has been broken with a new low of around 1.1725. This area might of course still prove to form key support but there are no strong signs confirming this. Meanwhile, the key resistane overhead at 1.1893 remains untested and intact, suggesting the downward trend survives and offering a good level at which to look for a short trade.
There are high-impact data releases scheduled today concerning both the EUR and the USD. At 1:30pm London time there will be releases of U.S. PPI and Unemployment Claims data, followed by the Philly Fed Manufacturing Index at 3pm. Later at 4:15pm, the President of the German BUBA will be speaking. Therefore the New York session will probably see this pair quite active.