EURUSD: Still bullish above 1.1293
Yesterday’s signals were not triggered, as the support level at 1.1297 did not hold cleanly.
Today’s EUR/USD Signals
Risk 0.75%.
Trades may be taken between 8am and 5pm London time today only.
Short Trade
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 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 Trades
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1293.
Place the stop loss 1 pip below the local swing low.
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.
EUR/USD Analysis
I wrote yesterday that the technical picture was still bullish provided the support level at 1.1297 held. I expected it to be the day’s pivotal point and was ready to go long at a bullish bounce there. This was a good call, the only thing I got wrong was the preciseness of the level, which should have been 1.1293, so I have adjusted the support to sit there.
Two days ago, the price made a strong bullish breakout on high volatility, which placed the odds in the bulls’ favour, and the odds remain so for another day at least. Therefore, I would take a bullish bias if the price can make a bullish bounce following a retracement to 1.1293.
There is nothing important due today concerning either the USD or the EUR.