Last Thursday’s signals were not triggered, as none of the key price levels were reached that day.
Today’s EUR/USD Signals
Risk 0.75%.
Trades may only be entered before 5pm London time today.
Long Trade
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.2393 or 1.2301.
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.
Short Trade
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.2459 or 1.2500.
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
Despite the long-term bullish trend, this pair has sold off heavily since last Friday. There is possible support just below the current price as at the time of writing at 1.2394. It seems that if the price breaks below that level, it is most likely to fall further, possibly even all the way to 1.2300. However, as there is no news scheduled today and the U.S. has a public holiday, there is likely to be relatively little price movement, so there is a higher than usual chance that the support level at 1.2394 will hold. The strong downwards movement from an area above 1.2500 has printed several new resistance levels above, and the two nearest levels look particularly attractive for counter-trend short trades.
There is nothing due important today concerning either the EUR or the USD. It is a public holiday in the U.S.A.