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 Trade 1
* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.0600.
* 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 touch of 1.0712 or 1.0746.
* 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
Although the price is still making stabs at and to a little below the support level of 1.0648, the area is still holding up.
The price remains above its level of 3 months back, although it has fallen strongly over recent days, so it is a difficult pair to forecast now. The support level at 1.0600 also looks attractive, as it is confluent with a long-term supportive trend line.
There has not been much volatility, the greater opportunities seem to have been in the GBP, JPY, metals and stocks over recent days.
Regarding the EUR, the President of the ECB will be speaking at a conference at 9pm London time. Concerning the USD, there will be a release of Unemployment Claims data 1:30pm London time.