Yesterday’s signals were not triggered, as there was no bearish price action at 1.2347 or 1.2384.

Today’s EUR/USD Signals

Risk 0.75%.

Trades may only be entered before 5pm London time today.

Short Trade

  • Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.2436.

  • Put 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.

  • 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

  • Go long following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.2347 or 1.2304.

  • Put 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.

  • 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

Yesterday I wrote that I had a bullish bias, that the price seemed likely to move up again, and that technical levels were likely to be respected. I’ve had to adjust the resistance to 1.2390, but all of this looks to have been true over the past 24 hours. Although there is a long-term bullish trend and the price has been moving up, the Euro has been considerably less bullish than the British Pound, suggesting that its not truly ideal to be trading long here, although it is certainly better than being short.

The price is now again testing the resistance at 1.2390. It is too close to use as a level now, and it is looking more likely that this level will break rather than hold, so I have a weak bullish bias today. If the level does hold, it is likely to signify a deeper bearish pull-back.

EURUSD

There is nothing due today concerning the EUR. Regarding the USD, there will be a release of Building Permits data at 1:30pm London time.

Analysis feed

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Analysis


Latest Forex Analysis

Editors’ Picks

EUR/USD advances above 1.14 after unchanged ECB, mixed US data

EUR/USD is trading above 1.14, higher after the ECB left policy unchanged and called governments to act. US retail sales beat with 7.5% while jobless claims disappointed with 1.3 million. US coronavirus figures are showing further increases in cases.

EUR/USD News

GBP/USD advances above 1.26 amid mostly upbeat US, UK data

GBP/USD is trading above 1.26, higher. The UK jobs reports showed low unemployment but also depressed wages. US retail sales beat expectations but jobless claims remain high. 

GBP/USD News

Gold trades with modest losses, downside remains limited

Gold witnessed a modest intraday pullback amid a pickup in the USD demand. The prevalent risk-off mood extended some support to the safe-haven metal. A sustained break below $1800 is needed to confirm a bearish break.

Gold News

Why is the crypto market falling today?

War for dominance impacts the market and heralds several days of turbulence. Fight between Bitcoin and Ethereum hurts the Altcoin segment, which is largely overbought after weeks of euphoria. Ripple is the most affected of the Top 3 and steps back into a high-risk environment.

Read more

Oil : The price action seems indecisive at these elevated levels

WTI is still in a bull trend on the chart below but at these elevated levels, it seems the price seems to be very jittery. Previously within this trend when the price moved higher the size of the bullish candles was bigger. 

Oil News

Forex Majors

Cryptocurrencies

Signatures