Last Monday’s signals were not triggered as none of the key levels were ever reached.
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 1.0881 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 has held up and the old weekend gap from the first-round result of the French Presidential Election has still not been filled, which are bullish signs. The price is held comfortably by the resistance level at 1.0950 and is ranging. It seems as if this pair is awaiting the French second round result. It is significant that despite the strength of the U.S. Dollar, the pair is not falling below any support levels, so it appears poised for a further rise in line with its medium-term bullish trend.
Concerning the USD, there will be a release of Unemployment Claims data at 1:30pm London time. Regarding the EUR, the President of the ECB will be speaking at 5:30pm.