Last Monday’s signals were not triggered, as none of the key levels were ever reached.
Today’s EUR/USD Signals
Risk 0.75%.
Trades must be taken between 8am and 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 1.1387, 1.1425, or 1.1455.
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 1.1306.
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 last Monday that the 1.1380 area may become new resistance after formerly acting as support. If the price rejected this area strongly and turned bearish with increasing volatility after the London open. This happened and produced a small further downwards movement, so it was a good call, establishing new lower resistance at 1.1387.
However, the pace of the downwards trend has slowed down this week, so it looks les reliable, although it still exists.
There is a long-term bearish trend here, but it looks as though there may be better opportunities elsewhere today.
There is nothing of high importance due today regarding either the USD or the EUR.