Yesterday’s signals were not triggered as there was insufficiently bullish price action at 1.1315 and the level at 1.1257 was hit well after 5pm London time.

Today’s EUR/USD Signals

Risk 0.75%.

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

Short Trades

  • Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1315 or 1.1357.

  • 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.

  • 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 Trade

  • Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1256.

  • 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.

  • 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 wrote yesterday that the picture was mixed: medium-term bearish trend, but a strong rejection of the bottom of a multi-week range. This suggested the price was quite likely to rise further, but it will be slow and will be a struggle, so trading this pair should be difficult over the short-term. This was a pretty good call as the price did continue to rise before falling back to now create a potentially highly significant double bottom at 1.1256. The price tried to rise but struggled.

I think we are at a long-term pivotal moment here, where the price will either break below 1.1250 and move down from this long-term range or rise to get established above 1.1340 and remain within its medium-term range between 1.1250 and 1.1500. The problem for bulls is that the Euro is generally quite weak, and the Eurozone looks like slowing. I have no bias today but a strong break below 1.1250 could be interesting for bears.

eurusd

There is nothing of high importance due today regarding the EUR. Concerning the USD, there will be releases of Retail Sales and PPI 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 bounces off the lows as the market mood improves

EUR/USD is bouncing toward 1.18, recovering from the fall triggered by upbeat US jobs figures and escalating Sino-American tensions. Investors are eyeing the fiscal stimulus impasse in Washington after Trump's executive order and the market mood has somewhat improved.

EUR/USD News

GBP/USD recovering toward 1.31 as the dollar weakens

GBP/USD has recovered toward 1.31 as the dollar pares early gains amid the impasse in Washington over new fiscal stimulus. A survey showing that a third of UK employers may lay off workers is weighing on the pound.

GBP/USD News

XAU/USD retreats to $2030 after making a run to $2050

Gold prices spiked to the upside after the beginning of the American session but then pulled back erasing gains. XAU/USD jumped to $2049.70/oz, and as of writing, it trades at $2033, practically at the same level it closed on Friday.

Gold News

It is time for King Bitcoin

The crypto board starts the week stuck on critical levels. The war for dominance has been favorable to Ethereum for weeks, and the graphics seem to indicate that it's now Bitcoin's turn to win a few battles.

Read more

WTI: $42.30 is the level to beat for the bulls

WTI (futures on Nymex) climbed nearly 1.50% in a bid to test the $42 mark on Monday, in the wake of the upbeat outlook painted by Saudi Aramco’s CEO Nasser and expectations that Iraq will cut output in August.

Oil News

Forex Majors

Cryptocurrencies

Signatures