EUR/USD Forex Signal - 9 July 2019

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EURUSD: Bearish move halted by 1.1206

Yesterday’s signals were not triggered, as the price never quite reached the support level identified at 1.1206.

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 1.1271.

  • 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 1.1206 or 1.1161.

  • 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 support at 1.1206 just above the round number looked very likely to be the day’s pivotal level. I had no firm directional bias. The price got very close to this level which has continued to hold. We are very likely to get a test of it at some point today so it should be the day’s pivotal point. It is tempting to take a bearish bias if that level breaks down due to the widespread strength of the U.S Dollar, but this pair is well within its long-term range and therefore could turn around quite easily. Probably the highest-probability trade setup which might occur in this pair today would be some long pips from a bullish bounce at 1.1206.EURUSDThere is nothing of high importance due today regarding the EUR. Concerning the USD, the Chair of the Federal Reserve will be making a minor speech at 1:45pm London time.

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.