Last Thursday’s signals were not triggered as there was no bearish price action at 1.0950.
Today’s EUR/USD Signals
Risk 0.75%.
Trades must be taken 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 1.0950 or 1.0920.
- 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 1.1000 or 1.1065.
- 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
Macron’s victory in the French Presidential Election saw the price open with a small gap up, above the very crucial price level of 1.1000, but it quickly fell quite strongly by 70 pips or so over the Asian session. It seems to be finding support as it gets closer to 1.0950. It seems the French result was already heavily priced in, which is not a surprise.
The level at 1.1000 is very important, as it is both a key psychological level and the setting of a very long-term trend line connecting the major swing high prices of the past year. It seems likely to hold and even though the medium-term trend is bullish, this could be a pivotal point where a long-term downward move begins. Over the short-term, the buying looks quite healthy, though.
There is nothing due today concerning either the EUR or the USD.