Yesterday’s signals were not triggered, as there was no bearish price action at 1.1668.
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 Trade
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1665.
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 wrote yesterday that the resistance level at 1.1668 was likely to be the pivotal level which would determine what happened. If the price could get established above it, it would be a bullish sign. The price did quickly get established above it early in the London session, leading to a relatively small but firm rise over the course of the day, before finally topping out just below the next resistance level at 1.1718, which is probably going to be the pivotal level for today. If the price can get established above it, there should be a further rise today to the 1.1750 area, but the price will be likely to run into a lot of resistance there, so I doubt that it could rise much higher. There is a confluence of a bearish trend line, the psychological level at 1.1750, and it has also marked some key recent swing highs. I have a cautiously bullish bias today above 1.1718.
There is nothing important due today concerning the EUR. Regarding the USD, there will be a release of CB Consumer Confidence data at 3pm London time.