Today’s EUR/USD Signals
Risk 0.75%.
Trades may only be entered before 5pm London time today.
Short Trades
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1670 or 1.1732.
Put 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
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1610 or 1.1566.
Put 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.
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
Recent days saw the price move up with some strength, but this small trend now looks to have broken. There is no real long-term trend in this pair either. Taken together, this means that today’s direction looks very unpredictable, especially as it is Monday and there are no major news items scheduled. The best that can be said is that it looks quite likely that the support level at 1.1609 will hold, as it is well defined and confluent with a round number, in what is likely to be a quiet trading day.
There is nothing important due today concerning either the EUR or the USD.