EUR/USD Forex Signal - 10 April 2019

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Yesterday’s signals were not triggered, as none of the key levels were 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 1.1300 or 1.1325.
  • 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 Trades

  • Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1255, 1.1214, or 1.1150.
  • 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 I would take a cautiously bullish bias above 1.1250 and that this looked likely to be the day’s pivotal area. This was an accurate call although not a very profitable one.

The picture looks a little more bullish as we have another short-term double bottom at 1.1255, but I am concerned that this bullish move is going to fade away, so I would be very cautious about taking any long trades now, despite the short-term bullish price action. In any case, the ECB release due later could push the price anywhere, so its probably best to stand aside until after that.

eurusd

Concerning the EUR there will be a release of the ECB’s Main Refinancing Rate and Monetary Policy Rate at 12:30pm London time, followed by the usual press conference 45 minutes later. Regarding the USD, there will be a release of CPI data at 12:30pm, and FOMC Meeting Minutes at 6pm.

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.