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 Trades
Go long following a bullish price action reversal on the H1 time frame immediately upon the next entry into the zone between 1.1826 and 1.1813, or the next bullish bounce at 1.1774.
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
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1962.
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 was right to see this yesterday as probably not a productive pair to trade. There was little action and we see no change to the technical picture except a slightly stronger hint that the supportive area below is going to hold. The best trade here is still likely to be a long trade from a bullish bounce at or a little below 1.1826.
There is nothing important due today concerning the EUR. Regarding the USD, there will be a release of ISM Non-Manufacturing PMI data at 3pm London time.