EUR/USD Signal Update

Yesterday’s signals expired without being triggered.

Today’s EUR/USD Signals

Risk 0.75%

Trades must be entered before 5pm London time today only.

Short Trade 1

• Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.0956.
• 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.
• Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.

Short Trade 1

• Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1005.
• 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.
• Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.

Long Trade 1

• Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of the trend line currently sitting at around 1.0800.
• 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.
• Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.

Long Trade 2

• Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of the trend line currently sitting at around 1.0731.
• 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.
• Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.

EUR/USD Analysis

The pair fell sharply yesterday in line with the prevailing long USD trend, but when it came close to the anticipated support at around 1.0800 the price rose sharply, and we are now back where we started at around 1.0900. A period of consolidation looks likely and the mostly probably opportunity would seem to be a short off a move today up and rejection off 1.0956.

Click on picture to enlarge

There will be G7 Meetings all day. Concerning the USD, there will be a release of Unemployment Claims data at 1:30pm London time.