Last Thursday’s signals were not triggered, as none of the key levels were reached within the specified time.
Today’s EUR/USD Signals
Risk 0.75%.
Trades may only be taken between 8am and 5pm London time today.
Short Trades
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1444 or 1.1496.
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 1.1352.
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
I wrote last Thursday that the short-term price action looked bullish, but it was a move that could not be traded without great care. The bullishness continued, with the price rising firmly, producing the typical kind of good counter-trend movement you see in this currency pair. This is a firm bullish reversal from a reasonably historical low price, but the resistance at 1.1444 is now looking very crucial. If the price can get established above that level it will be a very bullish sign that this movement really has some legs. I think that even if the price fails here, we are quite unlikely to get a good bearish move today. So, I would take a bullish bias today above 1.1444.
There is nothing important due today concerning the EUR or the USD.