Last Thursday’s signals were not triggered as none of the key levels were reached during that session.
Today’s EUR/USD Signals
Risk 0.75%.
Trades may only be taken before 5pm London time today.
Long Trades
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.0817 or 1.0750.
Put 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
This pair is still bullish: firmly within the bullish channel shown in the chart below and continuing to make new highs against a weak U.S. Dollar. The price has gapped up a little over the weekend, and the move up beyond 1.0825 is significant. The price is now within a very key long-term pivotal zone which may ultimately hold as resistance, and this area is capped at about 1.0865. A break up above there would be an extremely bullish sign if it is sustained.
Weekend gaps are usually filled quickly, so I see the nearest support level at the filling of the gap at 1.0817.
There is nothing due today regarding the USD. Concerning the EUR, there will be a release of German IFO Business Climate data at 8am London time.