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 from 8am to 5pm London time today only.
Long Trade 1
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.0712.
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 Trades
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next entry into the zone between 1.0796 or 1.0825.
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
It was a very quiet day, with the price unable to reach the next area of resistance starting at about 1.0800. The indications are that the price will hit this level which I think is likely to hold and produce some downwards movet, as this area around 1.0800 has been very pivotal in the past, as can be seen from a look at a long-term chart of the daily time frame.
A reversal within the zone that is confluent with the upper channel trend line would look like a perfect short entry if supported by bearish price action.
The momentum is bullish, and a bullish channel is established.
There is nothing due today regarding either the EUR or the USD.