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 1.1534.
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 1.1685.
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 tried to rise yesterday, but was held by firm and consistent selling just below 1.1625. The late Asian session is seeing an increase by the U.S. Dollar, and this is creating a bearish pattern here which suggests that the London and New York sessions are going to see a down day. A break of the supportive trend line at about 1.1580 would confirm the bearishness, and there is nothing below that to stop the price falling to the next support level at 1.1535.
There is nothing important due today concerning either the EUR or the USD.