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EUR/USD Forex Signal - 21 November 2019

By Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.

EURUSD: Bullish consolidation above 1.1056

Yesterday’s signals produced a long trade from the bullish outside candlestick bounce from the support level at 1.1056.

Today’s EUR/USD Signals

Risk 0.75%.

Trades must be taken before 5pm London time today only.

Short Trade Ideas

⦁ Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1093, 1.1106, or 1.1140.

⦁ 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 1.1056, 1.1043, 1.1039, 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 I preferred long to short trades here today, and probably during the London session scalping long any bounces off key support levels would be the best approach. This was a good call as scalpers could have taken a profitable long trade from the bounce at the support level of 1.1056.

The price moved little yesterday, with the FOMC Meeting Minutes having almost no impact. 

The price is now making a bullish consolidation above 1.1056. We have no long-term trend, but the Euro and the British Pound seem generally bullish against the U.S. Dollar. The Euro perhaps has more room to rise than the Pound does.

I am biased towards long trades today, but a little while before the New York open we will be getting minutes of the latest ECB policy meeting, which could push the price around in an unpredictable way.

I think the best opportunity which might set up here would be a long trade from 1.1056.EURUSDRegarding the EUR, there will be a release of the ECB Monetary Policy Meeting Accounts at 12:30pm London time. There is nothing of high importance due today concerning the USD. 

Adam Lemon
About Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.

 

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