Yesterday’s signals were not triggered, as there was no bearish price action at 1.1276.
Today’s EUR/USD Signals
Risk 0.75%.
Trades must be taken between 8am and 5pm London time today only.
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 1.1249.
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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 1.1276 was very likely to be the pivotal level for today, so if the price could trade above it for a while, it would be a bullish sign. This turned out to be an accurate forecast.
The price is currently sitting on what seems to be new support at 1.1283 although this looks unreliable. As it is so weak, if it holds and the price moves up from here as the London session gets underway, that would probably be a bullish sign. The resistance at 1.1322 is likely to give at least a few short pips when it is first touched, so a quick short there might be interesting to scalpers.
I have no directional bias on this pair today.
There is nothing of high importance due today concerning the EUR. Regarding the USD, there will be releases of Core Durable Goods Orders and PPI data at 12:30pm London time.
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