EUR/USD Forex Signal - 22 June 2017

Adam Lemon

Yesterday’s signals were not triggered as there was no bearish price action when the price reached 1.1159.

 

Today’s EUR/USD Signals

Risk 0.75%.

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

 

Long Trade 1

· Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1161 or 1.1082.

· Put 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.

 

Short Trade 1

· Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1209.

· Put 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.

 

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 higher time frames still suggest more of a move down from the recent high at the key resistant level at 1.1295, but there have now been two bullish developments: the break up above a resistant trend line, and the flipping of the area at 1.1160 from acting as resistance to support. These suggest that the price may now be due a bullish pull back to 1.1200 at least. On the other hand, if the price breaks yesterday’s lows, it could fall quite quickly to 1.1082. There is very little news on the agenda, so it is likely to be another quiet day, yet unusually low volatility such as we have seen over the past few days tend to cause relatively strong movements in this pair after a day or two.


EURUSD

There is nothing due today concerning the EUR. Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm London time.

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.
Learn more from Adam in his free lessons at FX Academy

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