Yesterday’s signals were not triggered as there was no bullish price action at 1.0565.
Today’s EUR/USD Signals
Risk 0.75%.
Trades may only be taken between 8am and 5pm London time today.
Long Trade 1
Long entry 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.
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
Short entry 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.
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.
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 later part of yesterday’s New York session saw a strong move against the U.S. Dollar, and this caused a bullish move which broke the two-week old bearish trend line which had held the price down effectively. However, the nearest solid resistance zone beginning at 1.0650 has not been tested yet, so it is too early to say that the medium-term downwards trend is over yet.
There is nothing due today concerning the EUR. Regarding the USD, there will be releases of Building Permits, the Philly Fed Manufacturing Index, and Unemployment Claims data at 1:30pm London time.