EUR/USD Forex Signal
|Yesterday’s signals were not triggered, as none of the key levels were reached.
Today’s EUR/USD Signals
Risk 0.75%.
Trades must be taken between 8am and 5pm London time today only.
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 1.1358 or 1.1397.
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Put 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 1.1327 or 1.1298.
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Put 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.
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 the picture had become more bullish, but bulls should be cautious that there was an unbroken swing high above the current price at 1.1360. This was a good call as new resistance has formed at 1.1358 over a very quiet day of trading. The price here is now between support and resistance right in the middle of its long-term range, awaiting the FOMC release tonight which will hopefully give some direction. For the time being scalping rejections of either key level is likely to be the best approach.
There is nothing of high importance due today concerning the EUR. Regarding the USD, there will be releases of the FOMC Statement, Economic Projections, and Federal Funds Rate at 6pm London time, followed by the usual press conference half an hour later.
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