Yesterday’s signals were not triggered, as neither of the key levels were ever reached.
Today’s EUR/USD Signals
Risk 0.75%.
Trades must be taken between 8am and 5pm London time today only.
Long Trade 1
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1724.
Place the stop loss 1 pip below the local swing low.
Move the stop loss to break even once the trade is 20 pips in profit.
Remove 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
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1891.
Place the stop loss 1 pip above the local swing high.
Move the stop loss to break even once the trade is 20 pips in profit.
Remove 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, but after reaching a 1-month high at about 1.1860, it sold off sharply, and seems to be facing selling at 1.1800 or higher. The signs are that a deeper bearish pullback is going to happen, although it could be gradual. A renewed bullish push might then be expected to start at the psychological level of 1.1750 or at the key support level at 1.1725. Although I have no key resistance levels in my chart before 1.1891, there are previous weekly highs at 1.1836 and 1.1860 which seem to be making their presence felt.
There is a long-term bullish trend, so it makes sense to take a bullish bias.
There is nothing important due today concerning the EUR. Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm London time.