EURUSD: Weakly bullish above 1.0965
Today’s EUR/USD Signals
Risk 0.75%.
Trades must be taken before 5pm London time today only.
Short Trade Idea
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1024.
Place 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.
Take off 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 Ideas
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.0966, 1.0941, or 1.0904.
Place the stop loss 1 pip below the local swing low.
Adjust 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 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.
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EUR/USD Analysis
This pair is relatively trendless over the long term, but the Euro is arguably weakly bullish right now, although there are few long-term trends at present in the Forex market. The resistance at 1.1024 looks very strong and solid so a short trade there following a bearish reversal could be very interesting. On the bullish side, as long as the support at 1.0965 holds up, the picture will look weakly bullish. Therefore, at the time of writing, a rise towards the 1.1000 area looks likely over the short term, and of course we might get selling at or close to that major round number.
Concerning the EUR there will be a release of ECB Monetary Policy Meeting Accounts at 12:30pm London time. Regarding the USD, there will be a release of API (inflation) data at 1:30pm.