EUR/USD Forex Signal - 12 June 2017

12 June 2017 6:51:12 AM

By: DailyForex.com

Last Thursday’s signals were not triggered as there was insufficiently bullish action when the price first reached 1.1205.

Today’s EUR/USD Signals

Risk 0.75%.

Trades must be entered between 8am and 5pm London time today only.

Long Trade 1

  • Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1163.
  • 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 Trade 1

  • Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1295.
  • 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

We have seen a significant pull back after a broad distributive top just underneath the resistance level at 1.1295. There was solid buying close to 1.1163, from where the price has now risen, and as the British Pound stabilizes, a source of downwards pressure on the Euro is removed.

A period of consolidation with a slight bullish bias is now the most likely scenario between 1.1163 and 1.1295. I will be surprised if the price is able to get beyond 1.1250 today.

EURUSD

There is nothing due today concerning either the EUR or the USD.

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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