EUR/USD Forex Signal - 9 April 2019

|

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.

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 Trade

  • Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1214.
  • 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.

Advertisement
Great trade opportunities are waiting - don't wait to profit from this pair!
TRADE NOW

EUR/USD Analysis

I noted yesterday that this pair was in an interesting technical position: a long-term bearish trend, the price near long-term lows and close to making a serious bearish breakdown, as well as short to medium-term bearish trend lines pushing down the price. However, at the same time, we saw a possible long-term double bottom at 1.1200 and a medium-term double bottom at 1.1214.

I thought there would be little price movement and that support and resistance would hold – I was completely wrong, as we had a reasonably strong bullish move which looks firm and as if it will hold after printing new support just above 1.1250.

Despite this bullish movement, it could become bearish again, but it does not look to me as if bears will have any big gains today at least. I would take a cautiously bullish bias above 1.1250 and that should be today’s pivotal area.

eurusd

There 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.