Yesterday’s signals were not triggered, as none of the key levels were ever reached.
Today’s EUR/USD Signals
Risk 0.75%.
Trades must be taken 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 1.1624.
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 run.
Short Trades
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1685 or 1.1724.
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 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 Euro has continued to strengthen, but it should not be forgotten that its price is still stuck within a medium-term bearish channel. The top edge of this channel is currently confluent with a horizontal resistance level at 1.1685. The price has just rejected this trend line, and looks like moving down now, even though it has not yet hit 1.1685. This is the key level to watch today. A break above it would be a bullish sign.
There is no long-term trend, and the medium-term trend is bearish.
There is nothing important due today concerning the EUR. Regarding the USD, there will be a release of PPI data at 1:30pm London time.