EUR/USD Signal Update
Yesterday’s signals were not triggered as there was no bearish price action at 1.0683 or 1.0698.
Today’s EUR/USD Signals
Risk 0.75%.
Trades may only be entered between 8am and 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 1.0675.
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
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.0796.
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 medium-term upwards trend has continued, through it is much less strong than it is in other USD currency pairs. The significant development yesterday was the price getting above the resistant area just below 1.0700. This suggests that the price will most likely continue to rise using new support at 1.0675 as a base.
There is nothing due today regarding the EUR. Concerning the USD, there will be a release of CPI data at 1:30pm London time followed by a minor speech from the Chair of the Federal Reserve at 8pm.