Yesterday’s signals were not triggered, as neither 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 1.1627.
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
Price action is dominated by a clearly bearish pattern of lower highs turning bearish in an orderly way. The chart is dominated by a bearish trend line. The price has been falling for several weeks, although the monthly chart is still in a range. These factors add up to a mildly bearish bias, but the supportive zone a little way above the key psychological number of 1.1500 might halt the decline. There is again little important news scheduled today, so I am not expecting a large move in any direction.
There is nothing important due today concerning the EUR. Regarding the USD, there will be a release of Crude Oil Inventories at 3:30pm London time.