Last Thursday’s signals were not triggered, as none of the key levels were ever reached during that session.
Today’s EUR/USD Signals
Risk 0.75%.
Trades may only be entered before 5pm London time today.
Long Trade
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1747.
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
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1848.
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
I was right last week in seeing a continuing fall to 1.1774. The price has got below that level, and seems to have printed new support very confluent with the psychological level at 1.1750, so there could be an interesting long trade opportunity if the price gets back there. It is likely to be a quiet day today; the price is rising but it does not look very strong or convincing. It would not be surprising if the 1.1800 area capped today’s high price.
There is nothing important due today concerning either the EUR or the USD.