Technical Analysis Free Forex Signals EUR/USD Forex Signal - 5 March 2018 EUR/USD Forex Signal - 5 March 2018 Monday, 5 March 2018 9:59 Share 0 Tweet 0 Pin it 0 +1 Last Thursday’s signals were not triggered, as the price did not reach 1.2238 during the specified time window. Today’s EUR/USD Signals Risk 0.75%. Trades must be taken between 8am and 5pm London time today only. Short Trade Short trade entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.2369. 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. Long Trades Long trade entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.2285 or 1.2254. 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. 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 had a bearish bias last Thursday, and although the price remained depressed during the London session it ended up rising sharply later, completing a strong recovery. The price has returned to a recent centre of gravity, now falling quite strongly after getting very close to a resistance level at 1.2369. The price is already just a few pips above a fresh support level at 1.2285 and this level is likely to be a key test which should indicate what is going to happen with the price over the short term. Even if it breaks down, there is still hope full bulls, as there is another support level below at 1.2252. A break below 1.2252 would be a bearish sign. There is nothing due today concerning the EUR. Regarding the USD, there will be a release of ISM Non-Manufacturing PMI data at 3pm London time. Currency Pairs EUR/USD Adam Lemon 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.