EUR/USD Forex Signal

07 December 2017 8:31:41 AM

Yesterday’s signals were not triggered, as neither 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

  • Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1774.

  • 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 Trade

  • Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1848.

  • 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

I wrote yesterday that this the pair is now in a medium-term bearish trend, with no long-term trend in the price at all. This situation has continued and even accelerated, with the price being held down over the short-term by a steeper bearish trend line shown in the chart below. It looks increasingly likely that the nearest support level at 1.1774 is going to be tested. This will probably give some amount of bullish bounce as it is confluent with the key lower channel trend line.EURUSD

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

DailyForex Newsletter
0 User Reviews

Registration is required to ensure the security of our users. Login via Facebook to share your comment with your friends, or register for DailyForex to post comments quickly and safely whenever you have something to say.

Log in | Create a DailyForex.com Account Now