EUR/USD Forex Signal

11 January 2017 9:03:18 AM

By: DailyForex.com

EUR/USD Signal Update

Yesterday’s signals were not triggered as the support level identified at 1.0556 was not reached until after the session.

Today’s EUR/USD Signals

Risk 0.75%.

Trades may only be entered before 5pm London time today.

 

Long Trade 1

  • Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.0487.

  • Place the stop loss 1 pip below the local swing low.

  • 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 run.

 

Short Trade 1

  • Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.0683.

  • 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 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

The action looks less bullish than it did yesterday, and the price is now very inactive and just going sideways. However, the general bullish structure of higher lows has not been broken. A period of wide-ranging consolidation roughly between 1.0620 and 1.0500 looks to be the most likely short-term prospect.EURUSD

There is nothing due today regarding the EUR. Concerning the USD, there will be a release of Crude Oil Inventories data at 3:30pm London time.

Adam is a Forex trader who has worked within financial markets for over 12 years, including 6 years with Merrill Lynch. He is certified in Fund Management and Investment Management by the U.K. Chartered Institute for Securities & Investment. Learn more from Adam in his free lessons at FX Academy.

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