Yesterday’s signals were not triggered as none of the key levels were reached during the session.
Today’s EUR/USD Signals
Risk 0.75%.
Trades must be entered before 5pm London time today only.
Long Trades
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.0572, 1.0544 or 1.0525.
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
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.0667.
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
Although this pair is in a long-term downwards trend, the action recently has been more supportive than resistant, although the price is finding it very difficult to get above 1.0630. The nearest support level was almost reached during the Asian session and the price has mostly risen since then. It seems likely today that the price will range between 1.0572 and 1.0630.
There is nothing due today concerning either the EUR or the USD.