EUR/USD Signal Update
Last Thursday’s signals were not triggered as none of the key levels were hit 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 entry into the zone between 1.0724 and 1.0712.
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 touch of 1.0865.
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
It has been necessary to widen the medium-term bullish channel at its lower end, but the chart still shows the price moving up within a clearly defined, obvious channel. However, looking at the more detailed price action, it looks as if we are having a distributive lower high, and the action now suggests the price is about to fall to the support at 1.0724 over the short term.
There is nothing due today concerning either the EUR or the USD.