EUR/USD Forex Signal
|Last Thursday’s signals were not triggered, as none of the key levels were reached that day.
Today’s EUR/USD Signals
Risk 0.75%.
Trades may only be entered between 8am and 5pm London time today.
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 1.1400 or 1.1445.
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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 1.1334 or 1.1306
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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 last Thursday that there was now a well-determined ranging environment in this pair and it looked as if the price was going to spend some time consolidating between 1.1300 and 1.1450. This was a pretty good call as the price remained in that area Thursday and also most of the time since then. However, the picture looks more bearish now, with the price having broken support before re-establishing it, but we can now see in the price chart shown below a clearer sequence of lower swing highs. I take a very weak bearish bias, but I would like to see another failure to rise close to 1.1400 before being prepared to enter any short trade.
There is nothing important due today concerning either the USD or the EUR.
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