EUR/USD Signal Update
Yesterday’s signals were not triggered as neither of the key levels were reached.
Today’s EUR/USD Signals
Risk 0.75%.
Trades may only be entered between 8am and 5pm London time today.
Long Trade 1
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.0692.
Place the stop loss 1 pip below the local swing low.
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 run.
Short Trade 1
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.0796.
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 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
The medium-term upwards trend continues, with the chart still showing a clear bullish wedge pattern. There is key support just below 1.0700, but technically the formation looks very interesting above with a confluence of the upper channel boundary and the horizontal resistance level at 1.0796.
The USD is strengthening and it looks as if the price is soon going to test the support level at 1.0692 which might provide a long trade opportunity.
Concerning the EUR, there will be a release of German IFO Business Climate data at 9am London time. Regarding the USD, there will be a release of Crude Oil Inventories data at 3:30pm.