EUR/USD Signal Update
Last Thursday’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 between 8am and 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 1.0692.
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 continues, with longer-term charts indicating a bullish turn. The USD is generally weak right now and the EUR has been a steady gainer so this trend looks quite reliable. The price has printed new resistance flipped to support, at 1.0692.
Over the long-term, the price is still down, but this reversal looks too bullish to ignore.
There is nothing of high importance due today concerning either the EUR or the USD.