EUR/USD Forex Signal - 18 July 2019

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EURUSD: More bullish but 1.1250 obstacle?

Yesterday’s signals were not triggered, as there was no bearish price action at 1.1235.

Today’s EUR/USD Signals

Risk 0.75%.

Trades must be taken between 8am and 5pm London time today only.

Short Trade Idea

  • Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1279.

  • 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 Ideas

  • Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1225 or 1.1199.

  • Put the stop loss 1 pip below the local swing low.

  • 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.

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EUR/USD Analysis

I wrote yesterday that the key support level at 1.1199 would probably be today’s pivotal point. This was a good call as the price remained above the level all day and advanced.

The picture now is a little more bullish as we have a new higher support level at 1.1225. However, the price faces potential resistance now at about 1.1250 which may halt the advance, so I would be wary of trading this currency pair today.EURUSDThere is nothing of high importance due today regarding 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.