EUR/USD Signal Update
Yesterday’s signals expired without being triggered as the price never reached either 1.3487 or 1.3688.
Today’s EUR/USD Signals
Entries must be made before 5pm London time today.
Long Trade 1
Go long after bullish price action on the H1 time frame following a first touch of 1.3487.
Place the stop loss 1 pip below the local swing low.
Move the stop loss to break even when the price reaches 1.3645.
Remove 75% of the position as profit at 1.3545 and leave the remainder of the position to ride.
Short Trade 1
Go short at a first touch of 1.3688.
Place the stop loss 1 pip above the local swing high.
Move the stop loss to break even when the price reaches 1.3630.
Remove off 50% of the position as profit at 1.3630 and leave the remainder of the position to ride.
Yesterday was about as boring as it gets with this pair, which frankly is saying a lot as the EUR/USD during recent years has tended to be a very boring, ranging pair, moving very little.
There have been no changes to the picture to speak of and we should still patiently wait for one of the key levels to be reached. We are a long way away from 1.3688, so although it is very unlikely to be hit, it would be an excellent spot for a touch trade today, in the event that the news due from the U.S.A. later today during the New York session would be extremely poor.
A touch of 1.3500 and 1.3487 below that is much more likely and that should be a fruitful spot at which to look for a long trade based upon price action. My colleague Christopher Lewis also sees this area as likely to be supportive.
Generally, bias should still be bearish however.
There are no high-impact news events scheduled for today concerning the EUR. Regarding the USD, at 1:30pm London time there will be data releases for Retail Sales, Core Retail Sales, and Unemployment Claims. It will probably be a quiet morning until the New York session when volatility is likely to spike or increase with the news releases.
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