EUR/USD Signal Update
Yesterday’s signals were not triggered as the bullish price action took place below 1.0487.
Today’s EUR/USD Signals
Risk 0.75%.
Trades must be taken between 8am and 5pm London time today only.
Long Trade 1
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.0565.
Put the stop loss 1 pip below the local swing low.
Adjust the stop loss to break even once the trade is 20 pips in profit.
Remove 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to ride.
Short Trade 1
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.0683.
Put the stop loss 1 pip above the local swing high.
Adjust the stop loss to break even once the trade is 20 pips in profit.
Remove 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
The USD was hit yesterday by the Trump press conference which didn’t focus on economic stimulus or other currency-boosting measures, and as the “trump trade” was sole, the USD was sol, sending this pair rising. I noted yesterday it has been making higher lows for some time now and that does not likely to change any time soon. The rally is against the long-term trend but it does have a turn lasting a few weeks behind it. Its next big test will come at the area of major resistance just below 1.0700.
There is nothing due today regarding the EUR. Concerning the USD, there will be a release of Unemployment Claims data at 1:30pm London time.