Last Tuesday’s signals were not triggered as there was no bearish price action at 1.1162.
Today’s EUR/USD Signals
Risk 0.75%.
Trades may only be taken before 5pm London time today.
Long Trades
- Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1188 or 1.1163.
- 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 Trade 1
- Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1250.
- 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
This pair has risen sharply over the past couple of days and is again testing a very key and psychological resistance level at 1.1250. The bullish rise is in line with the long-term trend. If the price is now able to break up above 1.1250, this will be a very bullish sign for the pair. The Euro is benefiting from nervousness affecting the British Pound.
If the price does not break 1.1250 soon it is likely to drop to at least 1.1188 and more likely to 1.1163.
There is nothing due today concerning the EUR. Regarding the USD, there will be a release of the ADP Non-Farm Employment Change forecast at 1:15pm London time, followed by Unemployment Claims at 1:30pm, ISM Manufacturing PMI at 3pm, and Crude Oil Inventories at 4pm.