Last Thursday’s signals were not triggered as none of the support levels were reached until the London session was ending.
Today’s EUR/USD Signals
Risk 0.75%.
Trades must be entered between 8am and 5pm London time today only
Short Trades
- Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1306 or 1.1354.
- 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 1.1150.
- 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 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 price is trading at a new 1-year low price, after having fallen with strong bearish momentum over recent days and hours. The latest thrust down cut through a very crucial area of support around 1.1300 which had been expected to put up more resistance. These are all bearish signs and the price has much further to fall before it would hit any resistance, as the nearest key level is at 1.1150. I have a bearish bias on this pair today, but there may be a deep retracement as London opens back up above 1.1300 before the price falls significantly again.
There is nothing important due today concerning either the EUR or the USD. It is a public holiday today in the U.S.A.