Yesterday’s signals were not triggered as the halt just a whisker under 1.0950 did not take place until the end of the specified 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 1.0870 or 1.0822.
* 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 1.0950 or 1.1000.
* 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
The price made another strong move up yesterday, maintaining the large and bullish weekend gap. It seems that Macron’s first round victory in the French election has truly marked up the Euro. The chart shows a new supportive level has formed at the flip of 1.0870, with the obvious resistance at 1.0950 holding so far but looking at least a little vulnerable. If that falls, I believe that the resistance at 1.1000 would hold over the near term as there would be so much profit taking close to it.
The price has been bullish over the past 3 months and seems to be building a long-term bullish trend.
There is nothing due today regarding the EUR. Concerning the USD, there will be a release of Crude Oil Inventories data at 3:30pm London time.