Yesterday’s signals were not triggered as there was no bearish price action at 1.1775.
Today’s EUR/USD Signals
Risk 0.75%.
Trades must be entered before 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 1.1775.
- 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 1.1838.
- 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
Yesterday saw a firm bullish move that brought the price to a breakout of the bearish channel. However, the price was unable to even reach the next horizontal resistance level at 1.1838. The price has sold off in recent hours, but remains above the breakout area. The test of the bullishness will be whether the price can hold up above 1.1775, or whether instead it will fall back below the broken upper channel trendline and into its old zone of comfort.
There is nothing due today concerning either the EUR or the USD.