EUR/USD Signal Update
Last Thursday’s signals were not triggered as none of the key levels were reached during that session.
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 1.0565.
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.
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 entry into the zone between 1.0650 and 1.0667.
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.
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 steep bearish trend line which I began to draw last Thursday, as shown in the chart below, has continued to hold the price down. The pair is looking bearish on all time horizons and the confluence of the trend line and horizontal level at 1.0650 above looks as if it might provide another good shorting opportunity upon a retracement to that level.
There is nothing due today concerning either the EUR or the USD.