By: DailyForex.com
EUR/USD Signal Update
Yesterday’s signals were not triggered as none of the key levels were hit during the London session.
Today’s EUR/USD Signals
Risk 0.75%.
Trades may only be entered by 5pm London time today.
Long Trades
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.0461 or 1.0350.
Put the stop loss 1 pip below the local swing low.
Adjust the stop loss to break even once the trade is 20 pips in profit.
Remove 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to ride.
Short Trades
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.0589.
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 price reaches 20 pips in profit and leave the remainder of the position to ride.
EUR/USD Analysis
The price was very quiet until the FOMC release, which produced the anticipated rate hike, but more importantly, produced a forecast of higher rates than had been expected for 2017. This sent the USD rising everywhere, and as the EUR has been one of the weaker currencies, the move downwards in this pair was relatively strong.
Two support levels were cleanly broken and look to have flipped to become likely resistance. Note however that the multi-year low at 1.0461 remains intact so far.
It looks as if the long-term bearish trend is continuing.
There is nothing due today regarding the EUR. Concerning the USD, there will be releases of CPI, Unemployment Claims and Philly Fed Manufacturing Index data at 1:30pm London time.