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 before 5pm London time today only.
Long Trades
- Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1164, 1.1146 or 1.1065.
- 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
- Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1250.
- 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 has behaved predictably, turning bullish again after the pullback to the supportive area marked in the chart below. The rise is now slowing down as the price approaches 1.1250. There is a long-term bullish trend and that is a good reason to remain a buyer on dips.
There is nothing due today concerning the EUR. Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm London time.