Last Thursday’s signals were not triggered, as there was no bullish price action at 1.1669.
Today’s EUR/USD Signals
Risk 0.75%.
Trades may only be taken between 8am and 5pm London time today.
Short Trade
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1759.
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.
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.
Long Trade
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1650.
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.
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
Friday saw some buying here, and the price has continued to look firm since this week’s open some hours ago. At the time of writing, the rise has continued to a few pips above the resistance at 1.1700, which is now called into question. This suggests that the price is likely to rise higher today, but I see the descending trend line shown in the price chart below at about 1.1717 as likely to provide some resistance, so we might see the high of the day there. I would have a bullish bias today if the price was not sitting now in an area of resistance. A sustained break above 1.1717 would be a bullish sign.
There is nothing important due today concerning the EUR. Regarding the USD, there will be a release of Retail Sales data at 1:30pm London time.