Technical Analysis Free Forex Signals EUR/USD Forex Signal EUR/USD Forex Signal Wednesday, 8 August 2018 7:02 Share 0 Tweet 0 Pin it 0 +1 Yesterday’s signals were not triggered, as there was no bearish price action at 1.1571 or 1.1602. 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 1.1630 or 1.1677. 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 Trades Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1609, 1.1584, or 1.1571. 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 yesterday, and this worked out fairly well, with the price falling during the first part of the London session to new lows before recovering later. There is a new, lower resistance level at 1.1571. There is a long-term bearish trend. The final part of the Asian session sees the price trying to rise, and it looks as if 1.1571 will be the pivotal level today. Therefore, I would like to see a failure to break above this level during the early part of the London session, which would make me take a bearish bias if the price begins to move down from there. The long-term bearish trend is another reason to be bearish today. There is nothing important due today concerning the EUR. Regarding the USD, there will be a release of Crude Oil Inventories data at 3:30pm 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.