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 between 8am and 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 1.0822, 1.0777 or 1.0746.
* 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 Trade 1
* Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.0950.
* 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
The price consolidated yesterday with decreasing volatility, but has held up bullishly without even returning to the nearest support level at 1.0822, let alone coming close to filling the weekend gap.
The 3-month trend is bullish and the signs are all bullish, but the flattening action makes the next short-term move difficult to predict.
There is nothing due today regarding the EUR. Concerning the USD, there will be a release of CB Consumer Confidence data at 3pm London time.