EUR/USD Forex Signal - 6 March 2019

Yesterday’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 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 1.1322 or 1.1344.

  • 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

  • Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1276.

  • 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 yesterday that the area at about 1.1325 looked as if it were going to break down – it did so, so my analysis was correct. The same area now seems to have become classic “flipped” support to resistance, with the price now eyeing the long-term lows at abut 1.1250 which is a major psychological level. Starting at the support of 1.1276 we have a major pivotal point which could either be the start of a medium-term bullish move up or a strong, long-term trend bearish breakdown. I think the price is more likely to fall than rise today.
EURUSDThere is nothing of high importance due today concerning either the EUR or the USD.

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.