Yesterday’s signals were not triggered as neither of the key levels were reached during that session.
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 1.1838.
- 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 1.2000.
- 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 rise yesterday, although not by a great deal. There is nothing much to say except that the situation is very bullish over both the short and long term. The price is approaching the key psychological level of 1.2000 which may provide a point of significant profit-taking and provide a more meaningful bearish pull-back, which could then provide a good opportunity for a long entry when it completes.
There is nothing due today concerning the EUR. Regarding the USD, there will be a release of CB Consumer Confidence data at 3pm London time.