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
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1747.
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 Trades
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1806 or 1.1848.
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
I predicted that it was likely to be a quiet day yesterday; the price was rising but did not look very strong or convincing. It would not be surprising if the 1.1800 area capped the high price. This is exactly what happened, and it is clear there is now a new resistance level at 1.1806. The price is now within a new, more steeply bearish price channel which is lower than the old one. There is not a great deal of activity in this pair, so I think it is likely to consolidate between 1.1750 and the bearish trend line above over the short term. A break above 1.1806 would be a bullish sign. There is no long-term trend, but the medium-term trend is certainly bearish.
There is nothing important due today concerning the EUR. Regarding the USD, there will be a release of PPI data at 1:30pm London time.