EUR/USD Forex Signal
|Yesterday’s signals were not triggered, as there was no bullish price action at any of the support levels.
Today’s EUR/USD Signals
Risk 0.75%.
Trades must be taken before 5pm London time today over the next 24-hour period.
Short Trades
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Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1875 or 1.1897.
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Place the stop loss 1 pip above the local swing high.
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Adjust the stop loss to break even once the trade is 20 pips in profit.
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Remove 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to run.
Long Trades
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Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1800 or 1.1750.
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Place the stop loss 1 pip above the local swing high.
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Adjust the stop loss to break even once the trade is 20 pips in profit.
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Remove 50% of the position as profit when the price reaches 25 pips in profit and leave the remainder of the position to run.
The best method to identify a classic “price action reversal” is for an hourly candle to close, such as a pin bar, a doji, an outside or even just an engulfing candle with a higher close. You can exploit these levels or zones by watching the price action that occurs at the given levels.
I took a bearish bias yesterday, and this paid off very well, with the down move being the dominant factor in the Forex market. The Dollar strength has resumed, and the Euro is one of the weakest currencies. My resistance level at 1.1937 pinpointed the bearish turn to the pip. The Dollar has long-term strength.
The former support levels were cut cleanly and have probably been turned to new resistance, which has been confirmed by a failed retest in the case of 1.1875.
Despite the long-term bearish trend, we are quite likely to not see any significant further move down today, as the price has reached and seemingly bottomed out at a key cluster of support levels close to 1.1800. If the price should retrace to 1.1875, this could give a very nice opportunity for another short trade entry.
There is nothing due today concerning either the EUR or the USD.
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