EUR/USD Forex Signal
|Yesterday’s signals were not triggered as there was no bearish price action at 1.1322.
Today’s EUR/USD Signals
Risk 0.75%.
Trades may only be entered before 5pm London time today.
Short Trades
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Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1344 or 1.1397.
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Place the stop loss 1 pip above the local swing high.
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Move the stop loss to break even once the trade is 20 pips in profit.
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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
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Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1303 or 1.1249.
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Place the stop loss 1 pip above the local swing high.
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Move the stop loss to break even once the trade is 20 pips in profit.
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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 if the new support at 1.1283 held and the price moved up from here as the London session got underway, that would probably be a bullish sign. It did not hold precisely but it did give or take a few pips, and the price moved up from there. The price went on to rise quite healthily and make new highs above 1.1300 and print a new support level very close to that round number, which is a bullish sign.
The Euro has been aided by the strong increase in the British Pound as it is becoming more likely that Britain will not leave the European Union on the near future, or even at all. This price looks more likely to rise than fall today, so I would be much more comfortable taking long rather than short trade entries. If the price can trade above 1.1344 for a couple of hours, that would be a bullish sign.
There is nothing of high importance due today concerning the EUR or the USD.
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