EUR/USD Forex Signal
|Yesterday’s signals may have triggered a long trade from the support at 1.1372 which would be in floating profit now. It would probably be wise to take more profit now to ensure there is no risk left in the trade.
Today’s EUR/USD Signals
Risk 0.75%.
Trades must be entered before 5pm London time today only.
Short Trade
-
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1433 or 1.1492.
-
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.
-
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
-
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1372 or 1.1328.
-
Place 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.
-
Remove 50% of the position as profit when the price reaches 20 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.
EUR/USD Analysis
We have seen the price make a short-term U-shaped bottom at the support level of 1.1372, from where it is now beginning to rise against the long and medium-term bearish trends. The price is now close to the resistance level at 1.1433 which looks likely to be the pivotal level for today. I will be bearish today below 1.1433 if the price keeps failing to rise above during the early hours of the London session.
There is nothing important due today concerning either the EUR or the USD.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.