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.
Protect any open trade by 6:30pm London time.
Long Trades
- Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1295 or 1.1235.
- 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 1.1388.
- 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
The price continued to fall slightly yesterday but then began to look as if it might have stabilized with a low at about 1.1350. However, it is selling off again, so a convincing break below yesterday’s low might see a move down to the nearest support level at 1.1295. There will be a very major USD release after London closes, so a very possible scenario is little movement all day until that time.
There is nothing due today concerning the EUR. Regarding the USD, there will be a release of FOMC Meeting Minutes at 7pm London time.