EUR/USD Signal Update

Last Thursday’s signals expired without being triggered.

Today’s EUR/USD Signals

Risk 0.75%
Trades may only be entered between 8am and 5pm London time today.

Short Trade 1

• Short entry following a bearish price action reversal on the 1H1 time frame H1H1H1 time frame immediately upon the next touch of 1.1116.
• Place the stop loss 1 pip above the local swing high.
• Move 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 ride.

Long Trade 1

• Long entry following a bullish price action reversal on the 1H1 time frame H1H1H1 time frame immediately upon the next touch of 1.0995.
• Place the stop loss 1 pip below the local swing low.
• Move 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 ride.

EUR/USD Analysis

This pair opened right on the long-term bullish trend line last night which was confluent with the whole number support at 1.1000. It held, and the price moved up, buoyed by the news that it seems that the Greek government and its Creditors are going to make a serious attempt to reach a deal over the coming days.

There is new resistance above at 1.1116 which is nicely confluent with the triangle’s bearish trend line.

This pair will probably consolidate until it is clear whether or not an acceptable Greek deal will be reached. Meanwhile, there are probably better opportunities elsewhere.

At 3pm London time there will be a release of U.S. ISM Non-Manufacturing PMI data. There is nothing due today regarding the EUR.