Yesterday’s signals were not triggered as none of the key levels were ever reached.
Today’s EUR/USD Signals
Risk 0.75%.
Trades must be entered before 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 1.0529.
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
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 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
We have some short-term bullishness but like most USD pairs, the market is awaiting President Trump’s speech before Congress later for real direction. The key levels remain intact and untouched. The long-term bearish trend is still barely there, but is in doubt, even though the EUR remains the most bearish of all major currencies.
There is nothing due today concerning the EUR. Regarding the USD, there will be a release of Preliminary GDP data at 1:30pm London time, followed by CB Consumer Confidence at 3pm. President Trump will be speaking before a joint session of Congress at 2am.