No signals have been given this year yet.
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 1.1984.
· 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.
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
This pair has been rising since the final third of last month, and rising quite strongly. The U.S. Dollar has moved into a long-term bearish trend, which has helped the rise, but the Euro has also been strong, so it’s a reasonably clean move on both sides of the pair. The most interesting recent technical feature is how the price came close to making a new multi-year high above 1.2000, but failed and turned around and started to fall from about 1.2080 where we can see a rough bearish over and under pattern. This action suggests that the price is likely to continue to move down to the next support level in the coming hours. This would take the price to 1.1984, but it might be that 1.2000 provides earlier support before that could be reached.
There is nothing important due today concerning either the EUR or the USD.