EURUSD: Consolidating between 1.1063 and 1.1121
Yesterday’s signals were not triggered, as none of the key levels identified were reached.
Today’s EUR/USD Signals
Risk 0.75%.
Trades must be taken between 8am and 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 1.1121.
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 1.1063 or 1.1018.
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.
EUR/USD Analysis
I wrote yesterday that the only opportunity which I could see here was a possible bullish double bottom at the key support level of 1.1063, so I would take a weakly long bias if we had gotten a healthy bullish bounce later at this level.
The level was never reached so it never became a live issue.
The price is now consolidating with little direction between 1.1121 and 1.1063. Fading either level following a good price action reversal could be OK for conservative profit targets. Any opportunity is more likely to set up during the New York session than the first half of the London session.
There is nothing of high importance due today concerning the EUR. Regarding the USD, there will be a release of CB Consumer Confidence data at 2pm London time.