EUR/USD Forex Signal
|Yesterday’s signals were not triggered as the support level at 1.1393 was reached only before the London session. It did mark the low of the day very effectively.
Today’s EUR/USD Signals
Risk 0.75%.
Trades may only be entered before 5pm London time today.
Short Trade
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Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1547.
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Place the stop loss 1 pip above the local swing high.
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Move the stop loss to break even once the trade is 20 pips in profit.
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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 Trades
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Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1393, 1.1368, or 1.1354.
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Place the stop loss 1 pip above the local swing high.
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Move the stop loss to break even once the trade is 20 pips in profit.
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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.
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
I wrote yesterday that as there was a cluster of three support levels close below the current price, and the short-term action was bullish, it seems quite probable that the price would rise today. If the price was rising by 9am London time and holding above 1.1400 I was ready to take a bullish bias until 1.1445 at least. This was a good call as the price rose firmly into the London session. The situation still looks bullish, as the price is close to making a new 20-day high and over the short-term has flipped the former resistance level at 1.1445 to become new higher support. Therefore, I would again take a bullish bias today if the price is making new highs at 9am London time. The only case bears have is that 1.1500 may be a big psychological number and provide resistance to a further rise.
There is nothing important due today concerning either the EUR or the USD.
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