Last Thursday’s signals were not triggered, as the price did not reach the support level identified at 1.1596 before the London close.
Today’s EUR/USD Signals
Risk 0.75%.
Trades may only be taken between 8am and 5pm London time today.
Short Trades
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1602 or 1.1630.
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.
Take off 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to ride.
Long Trade
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1496.
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.
Take off 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to ride.
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 bearish bias last Thursday, and this worked out well, with the price not only falling over that day but also closing lower on Friday. As the week opens, the price is again making new lows. The market is quiet, but it is impossible to find any reason at all not to be bearish, as long as the price doesn’t make a strong bullish retracement. There is no support above 1.1500 so the price has room to move down along the line of the least resistance. The long-term bearish trend is another reason to be bearish today.
There is nothing important due today concerning either the EUR or the USD.