EUR/USD Signal Update
Yesterday’s signals were not triggered as the price never reached any of the key identified levels.
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 1.0625.
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 1.0712 and 1.0725.
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
I wrote yesterday that with the break below 1.0700 and sequence of lower highs, the price looked bound to go lower, but might find some support at a trend line around 1.0660. This is exactly what happened. There is not much volatility in this quiet market right now, but a continued fall looks to be more likely than a rise.
There is nothing due today concerning the EUR. Regarding the USD, there will be a release of Crude Oil Inventories data at 3:30pm London time.