EUR/USD Signal Update

Yesterday’s signals were not triggered and expired.

Today’s EUR/USD Signals

Risk 0.75%

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

Long Trade 1

* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.0772.

* 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.

* Take off 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to ride.

Long Trade 2

* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.0708.

* 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.

* Take off 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to ride.

Short Trade 1

* Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1000.

* 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.

* Take off 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

This pair has been creeping upwards but is finding it hard to even reach 1.0900 let alone break up beyond that level. It is very hard to trade right now as it really just chops around. There are better opportunities elsewhere.

It seems as if we will range between 1.0772 and 1.1000 for some time yet unless there is a very dramatic FOMC Statement after the London close.

Concerning the USD, there will be a release of Crude Oil Inventories data at 3:30pm London time, followed by the FOMC Statement and Federal Funds Rate at 7pm. There is nothing due regarding the EUR.