Yesterday’s signals were not triggered, as none of the key levels were ever reached.
Today’s EUR/USD Signals
Risk 0.75%.
Trades may only be taken before 5pm London time today.
Short Trade
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Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1633.
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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 1.1541 or 1.1515.
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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 it would not be a surprise if the support here held and the price continued to move up as the line of least resistance looked like it is upwards. This is what happened, with the price moving up the area around 1.1600 before turning around and falling back.
This pair is in a very slightly long-term bearish trend, but volatility over recent months has been extremely low, suggesting the trend is increasingly likely to either take off again, or to reverse. The price is stuck between roughly 1.1500 and 1.1800 so it still could move higher from here, but a bearish retracement to the next support at least at 1.1541 is looking increasingly likely.
There is nothing important due today concerning either the EUR or the USD.
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