EUR/USD Signal Update

Yesterday’s signals were not triggered and expired as the price never hit either 1.0773 or 1.0988.

Today’s EUR/USD Signals

Risk 0.75%

Trades may only be made prior to 5pm London time.

Long Trade 1

• Long entry following a bullish price action reversal on the H1 time frame immediately upon the first entry into the area between 1.0773 and 1.0766.
• Put 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.
• 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

• Short entry following a bearish price action reversal on the H1 time frame immediately upon the first entry into the area between 1.0988 and 1.1051.
• Put 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.
• 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

I forecast yesterday that the price will probably continue to fall and yesterday this pair did fall gently, due mainly to the continued strengthening of the U.S. Dollar.

We are currently just above a small zone of anticipated support. If we can break through this cleanly, the price should continue downwards towards 1.0650, but we may get a reversal here instead leading to a bullish pull back which might take us back to 1.0950.

Click on picture to enlarge

There are high-impact events scheduled today concerning both the EUR and the USD. Regarding the EUR, there will be a release of Eurozone Flash CPI data at 10am London time. Later at 3pm there will be U.S. CB Consumer Confidence data.