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 1H1 time frame H1H1H1 time frame immediately upon the next touch of 1.1725 or 1.1810.
- 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
- Go long following a bullish price action reversal on the 1H1 time frame H1H1H1 time frame immediately upon the next touch of 1.1580.
- 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
The pair formed a bullish consolidation area for five consecutive trading sessions between the 1.1725 resistance levelو which it failed to break and the 1.1620 support level. The general trend is still bullish but needs to test higher levels to be confirmed. the US dollar awaits the announcement of a third interest rate hike by the US Federal Reserve.
Regarding the EUR, there will be the release of the current account and comments by ECB Governor Draghi. Regarding the USD, here will be the release of the Building Permits data.