EUR/USD Forex Signal For July 7, 2015

EUR/USD Signal Update

Yesterday’s signals expired without being triggered.

Today’s EUR/USD Signals

Risk 0.75%
Trades must be made before 5pm London time today.

Short Trade 1

• Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1116.
• 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 2

• Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1292.
• 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 1.0995.
• 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

Unsurprisingly, the EUR/USD pair really went nowhere yesterday. It is currently trapped between 1.1000 and 1.1116 at the tip of a consolidating triangle, and should remain there until there is some kind of breakthrough regarding the Greek crisis. Meanwhile, longs off 1.0995 and shorts off 1.1116 should work for a few pips.

 

Eurogroup Meetings and a Euro Summit will be taking place from Noon London time, trying to tackle the Greek crisis. At 1:30pm there will be a release of U.S. Trade Balance data.