Yesterday’s signals were not triggered, as there was no bearish price action at 1.1758.
Today’s EUR/USD Signals
Risk 0.75%.
Trades must be taken between 8am and 5pm London time today only.
Long Trades
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1813 or 1.1774.
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
Yesterday saw a relatively strong bullish breakout from the bearish channel/flag which had been dominating the technical picture. The upwards move printed two new obvious higher support levels. The lower one at 1.1774 looks more likely to hold than the higher one at 1.1813. The pair has re-established its long-term bullish trend, suggesting it will continue upwards back towards the 1.2000 area over time, although this pair tends to move slowly.
As it is a holiday in the U.S., and the move seems to have slowed during the Asian session, it is very possible we will just see a consolidation today. The technical picture is more bullish, and I have a bullish bias.
There is nothing important due today concerning the EUR or the USD. It is a public holiday in the USA today.