EUR/USD Forex Signal - 26 March 2019

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Yesterday’s signals were not triggered, as there was no bearish price action at 1.1316.

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 1.1325 or 1.1397.

  • 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 1.1250.

  • 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.

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EUR/USD Analysis

I wrote yesterday that we are likely to see a slow downwards drift in this currency pair going forwards, as the Euro is not seen as a very risky currency any more. I thought that 1.1316 was likely to be the pivotal level of the day but I was wrong, it was more like 1.1325. It was a quiet day with little price movement here or almost anywhere else.

It makes sense to be looking for short trades between 1.1325 and 1.1250 – this looks like a classic slow bearish pattern over the long and medium-term periods. This condition will probably persist until the U.S. data release later which might change things, at least over the short-term.EURUSDConcerning the EUR, the President of the ECB will be giving a minor speech at 8am London time. Regarding the USD, there will be a release of CB Consumer Confidence data at 2pm.

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.