Yesterday’s signals were not triggered, as there was no bearish price action at 1.1670.
Today’s EUR/USD Signals
Risk 0.75%.
Trades must be taken between 8am and 5pm London time today only.
Short Trades
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1732 or 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 Trades
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1668 or 1.1610.
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
Yesterday I expected a quiet consolidation above the support level at 1.1609. Although I was right about this level holding, I was wrong as it was a bullish day, with the British Pound performing even better than the Euro. A new higher support level at 1.1668 has been established, which is a bullish sign. The price has been making new highs during the late Asian session, but it remains to be seen whether the price will still be advancing when the European session begins. I have a weak bullish bias above 1.1668, but my bias is very weak because I note the two resistance levels not far away either side of the psychological level at 1.1750.
There is nothing important due today concerning either the EUR or the USD.