Yesterday’s signals were not triggered, as none 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 1.1627.
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
There is little going on with this pair. Volatility is very low and the Forex elsewhere, with a lot more trading activity going on in the British Pound and the Japanese Yen. There is a gentle, medium-term bearish trend, and although the price has been consolidating over recent days, it has been with a bearish bias. Things will get more interesting when one of the key support or resistance levels is finally reached. I have a slight bearish bias and think that the best trade set-up which is likely to occur and provide an opportunity to profit would be a short trade off a bearish rejection of 1.1625. On the bullish side, we now have the final leg of a bullish Quasimodo / under and over pattern from minor support at 1.1580.
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.