EUR/USD Signal Update

Yesterday’s signals were not triggered.

Today’s EUR/USD Signals

Risk 0.75%

Trades must be taken between 8am and 5pm London time today only.

Protect any open trade by 6:30pm London time.

Long Trade 1

• Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.0900.

• 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 1.1058 or 1.1087.

• 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 bearish channel has survived, with choppy price action erasing any horizontal line of support or resistance anywhere between 1.0900 and 1.1058.

While trading rejections off either of this channel’s trend lines may provide a few pips, this pair is quite dead.

The FOMC releases due later may give some real action by pushing the price out of this channel and up or down to a key level.

(Click on image to enlarge)

There is nothing due today concerning the EUR. Regarding the USD, there will be a release of Core Durable Goods Orders data at 1:30pm London time, followed by Crude Oil Inventories at 3:30pm, ending with the FOMC Statement and Federal Funds Rate at 7pm.