EUR/USD Signal Update
Last Thursday’s signals were not triggered as there was no bullish price action at 1.0692.
Today’s EUR/USD Signals
Risk 0.75%.
Trades must be taken before 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 1.0712 or 1.0665.
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
It was looking towards the end of last week as if the bullish medium-term price channel would break down. However, the price subsequently recovered, and the channel can be legitimately re-adjusted to show itself intact.
The price gapped up over the weekend to the new support level of 1.0712, from which it rose but fell quickly, and is now again testing that level. It might well be broken, with the lower trend line of the price channel and 1.0665 likely to offer stronger support.
There is nothing due today concerning either the EUR or the USD.