EUR/USD Forex Signal

Yesterday’s signals were not triggered, as none of the key levels were ever reached.

Today’s EUR/USD Signals

Risk 0.75%.

Trades must be entered between 8am and 5pm London time today only.

Long Trade

• Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.2005.

• Place the stop loss 1 pip below the local swing low.

• Move 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.

Short Trade

• Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.2359.

• Place the stop loss 1 pip above the local swing high.

• Move 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

This pair is still very difficult to predict, as there are no obvious key support or resistance levels anywhere near to the current price. The structure of highs and lows is ambiguous and becoming even more consolidative. There are two obvious technical features which stand out: the long-term bullish trend, and the fact that the price continues to struggle whenever it gets close to 1.2300. Taken together, this suggests we are still more likely to see a deeper bearish retracement than a significant new high over the short term.

There is nothing important due today concerning either the EUR or the USD.