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EUR/USD Forex Signal - 11 April 2018

Yesterday’s signals were not triggered, as there was insufficiently bearish price action at 1.2361.

 

Today’s EUR/USD Signals

Risk 0.75%.

Trades must be taken between 8am and 5pm London time today only.

 

Short Trade

· Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.2384.

· Place the stop loss 1 pip above the local swing high.

· Adjust 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 entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.2330 or 1.2304.

· Place the stop loss 1 pip below the local swing low.

· Adjust 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 took a bullish bias yesterday, which was right, although I was wrong about a bearish pull-back being likely to take place. The price rose quite steadily and has printed two new higher support levels, which is a bullish sign. The indications are that the price will continue to rise but may face resistance at 1.2384. Much is likely to depend upon the U.S. inflation data due later.

eurusd

There is nothing important due today concerning the EUR. Regarding the USD, there will be a release of CPI data at 1:30pm London time, followed by Crude Oil Inventories at 3:30pm and the FOMC Meeting Minutes at 7pm.

Adam Lemon
About Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.

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