Technical Analysis Free Forex Signals EUR/USD Forex Signal EUR/USD Forex Signal Monday, 3 December 2018 10:12 Share 0 Tweet 0 Pin it 0 +1 Last Thursday’s signals were not triggered as none of the key levels were ever reached. Today’s EUR/USD Signals Risk 0.75%. Trades must be taken 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 1.1417 or 1.1445. 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 Trade Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1306. 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 I wrote last Thursday that the price had broken out of its bearish channel and although the Euro was not especially strong, it looked as if this bullish move was quite likely to run further, although possibly not by a lot. This was a good call as the price did trade higher for several hours, before falling from the round number at 1.1400 and selling off fairly strongly as the U.S. Dollar recovered. The Euro is relatively weak but has been boosted in recent hours as the Dollar retreats everywhere as risk assets are benefiting from the deal agreed between U.S. and China over the trade dispute which freezes tariffs for at least another 90 days. However, as the Euro remains relatively weak, it is unlikely to penetrate above the nearby resistance level. If this rally against the Dollar turns around, we could see a good short trade opportunity here, but it is important in this environment to wait for that turn and not to rush it. There is nothing important due today concerning the EUR. Regarding the USD, there will be a release of ISM Manufacturing PMI data at 3pm 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.