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 Trade 1
- Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1775 or 1.1715.
- 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
Comments from Mario Draghi, the President of the ECB, pushed the price up at the start of the London session, creating a bullish break of the pivotal level at 1.1775, which may now have flipped to become probable support. The move topped out as a third touch of a bearish trend line drawn within the chart below above 1.1800. A break up above both that trend line and the resistance at 1.1838 would be a bullish sign.
There is a long-term bullish trend, so such a break, if and when it comes, could have a long-term run.
There is nothing due today concerning the EUR. Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm London time.