EUR/USD Forex Signal

11 October 2017 7:18:52 AM

Yesterday’s signals were not triggered, as there was no bearish price action at 1.1788.

Today’s EUR/USD Signals

Risk 0.75%.

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

Open trades should be protected by 6:30pm.

Long Trade 1

  • Long entry following a strong bullish price action reversal on the 1H1 time frame H1H1H1 time frame immediately upon the next touch of 1.1780.

  • 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 1.1838.

  • 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

As expected, this pair rose a little yesterday, with the Euro one of the relatively strong currencies in recent hours. The price has established new higher support at 1.1780, but it has still not even reached the recent swing high a little below the next major resistance level at 1.1838. This area is likely to be significant resistance. It should hold until after the FOMC release due later at the earliest, but if it is broken easily then, that would be a bullish sign that the long-term bullish trend is really reasserting itself. If the USD weakens, the Euro looks likely to be one of the currencies which would lead against it.
EURUSD 

There is nothing significant due today concerning the EUR. Regarding the USD, there will be a release of the FOMC Meeting Minutes at 7pm London time.

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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