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 before 5pm London time today.
Short Trades
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Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1322 or 1.1344.
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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 Trade
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Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1276.
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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 the area at about 1.1325 looked as if it were going to break down – it did so, so my analysis was correct. The same area now seems to have become classic “flipped” support to resistance, with the price now eyeing the long-term lows at abut 1.1250 which is a major psychological level. Starting at the support of 1.1276 we have a major pivotal point which could either be the start of a medium-term bullish move up or a strong, long-term trend bearish breakdown. I think the price is more likely to fall than rise today.
There is nothing of high importance due today concerning either the EUR or the USD.
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