Yesterday’s signals were not triggered, as none of the key levels were ever reached.
Today’s EUR/USD Signals
Risk 0.75%.
Trades may only be entered before 5pm London time today.
Long Trade 1
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1534.
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 ride.
Short Trade 1
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1724.
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 ride.
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
I wrote yesterday that the recent price action was suggestive of a deeper bullish pull back close to 1.1700 or even higher over the short term. The direction has been very slightly upwards over the past 24 hours, but the move is very slight and shaky. The focus of the market is not on the Euro at all, and the nearest key levels are a long way away, which strongly suggests that there will be better opportunities today in other currency pairs.
There is nothing due today concerning the EUR. Regarding the USD, there will be a release of the ADP Non-Farm Employment Change at 1:15pm London time, followed by ISM Manufacturing PMI data at 3pm, Crude Oil Inventories at 3:30pm, and the FOMC Statement at 7pm.