EUR/USD Signal Update
Yesterday’s signals were not triggered as the price action at 1.0712 was insufficiently bullish.
Today’s EUR/USD Signals
Risk 0.75%.
Trades may only be entered 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 1.0625.
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 1.0712 and 1.0725.
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 a significant development in this pair: a break below the key support area just above 1.0700 and a break below a medium-term bullish supportive trend line. We have a clearly bearish price structure above showing a sequence of bearish lower distributive highs. The signals are all pointing to still lower prices and a possible return of the long-term bearish trend. There are no key support levels before 1.0625 but there is an old trend line before that which could provide some support in a fall.
There is nothing due today concerning either the EUR or the USD.