Last Thursday’s signals were not triggered as the bearish price action at 1.0740 did not take place before the London close at the end of the defined session.
Today’s EUR/USD Signals
Risk 0.75%.
Trades may only be taken between 8am and 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 1.0712.
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 Trades
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.0796 or 1.0825.
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
This pair has continued its short-term rise, looking firm and bullish, but it is likely to be a slow day today in the absence of scheduled news events so it is probable that the nearest key resistance level will not be broken. The area starting at about 1.0800 has been pivotal over the long term and this can be seen in charts of higher time frames.
There is nothing due today regarding either the EUR or the USD.