Yesterday’s signals were not triggered, as the bearish price action that day took place below 1.1703.
Today’s EUR/USD Signals
Risk 0.75%.
Trades must be entered before 5pm London time today only.
Short Trades
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1718 or 1.1759.
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.
Remove 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to run.
Long Trades
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1676 or 1.1596.
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.
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 ruled out a strong downwards movement yesterday, expecting a period of consolidation instead. In fact, there was a move down, although it was not very strong, which is surviving. There is a long-term bearish trend and there is short-term bearish momentum at the time of writing. However, the price is in an area that looks very likely to be supportive, so I think it could turn around at any moment. If by 9am London time the action is still looking bearish and the price is below 1.1650 I would expect a further fall in the price over the course of today.
There is nothing important due today concerning either the EUR or the USD.