By: DailyForex
Yesterday’s signals were not triggered as none of the key levels were reached during the specified session.
Today’s EUR/USD Signals
Risk 0.75%.
Trades may only be taken between 8am and 5pm London time today.
Long Trade 1
- Long entry following a bullish price action reversal on the 1H1 time frame H1H1H1 time frame immediately upon the next touch of 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 Trades
- Short entry following a bearish price action reversal on the 1H1 time frame H1H1H1 time frame immediately upon the next touch of 1.1811 or 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
The Euro was hit quite hard by the Dollar’s advance yesterday, and the medium-term picture technically has taken on a strongly bearish tone despite the long-term bearish trend, with old support levels being broken down. The support at 1.1775 seems to have been broken and invalidated, with 1.1715 now coming into sight. It is looking increasingly likely that recent weeks have already seen the highest price that will be made for a while. I maintain a short-term bearish bias.
There is nothing due today concerning the EUR. Regarding the USD, there will be a release of Core Durable Goods Orders at 1:30pm London time, followed by Crude Oil Inventories at 3pm.