EUR/USD Forex Signal

Yesterday’s signals were not triggered yesterday, as neither 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

• Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.2369 or 1.2436.

• 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.

• 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 noted yesterday that although the price had broken the dominant medium-term bearish trend line, it still did not look truly ready to rise. This was correct, but I see the situation as more hopeful for bulls today, as the price has risen over recent hours, and seems to be consolidating just below a third tap against the upper trend line of a short-term consolidating triangle, which suggests that a bullish breakout is most likely to happen when Europe opens for business. Of course, such an advance might be halted by the resistance level nearby at 1.2369, but bulls can be encouraged by the long-term bullish trend in this pair.

There is nothing due today concerning the EUR. Regarding the USD, there will be a release of Core Durable Goods Orders and testimony before Congress by the Chair of the Federal Reserve at 1:30pm London time, followed by CB Consumer Confidence data at 3pm.