Yesterday’s signals were not triggered as neither of the key levels were ever reached.
Today’s EUR/USD Signals
Risk 0.75%.
Trades may only be entered before 5pm London time today.
Long Trade 1
- Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1615.
- 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.
- Remove 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to ride.
Short Trades
- Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1680, 1.1715 or 1.1749.
- 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.
- Remove 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to ride.
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
This pair has failed to make a new high for two days now, although it remains within a very bullish long-term trend. It is also well-supported, and has not broken below any significant support. The longer we go without making a new high, the more it will look as if a top has formed at the key resistance area of 1.1680. A break above 1.1680 would be a bullish sign. The resistance at 1.1750 might be very strong; it is an extremely important psychological level for this pair. Overall, I remain bullish.
There is nothing due today concerning the EUR. Regarding the USD, there will be a release of CB Consumer Confidence data at 3pm London time.