EUR/USD Forex Signal

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EURUSD: Ranging from 1.1163 to 1.1244

Last Thursday’s signals were not triggered, as none of the key levels were reached yet.

Today’s EUR/USD Signals

Risk 0.75%.

Trades may only be entered before 5pm London time today.

Short Trade Ideas

  • Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1244, 1.1279, or 1.1317.

  • 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 Ideas

  • Long entry following a bullish price action reversal immediately upon the next touch of 1.1163 or 1.1117.

  • 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.

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EUR/USD Analysis

I wrote last Thursday that we had ranging conditions, with the price coming to within only a pip or so of the resistance at 1.1244 which was the high of the day.

I took no directional bias and saw the opportunity here as scalping rejections of either 1.1244 or 1.1163.

This was a good call although neither level has hit, but the range continued to hold firmly for another day and has also held last Friday and this week so far.

There is no change to the ranging conditions. As the Euro is strong as part of a flight to safety, a bullish breakout above 1.1244 is more likely than a bearish breakdown below 1.1163, which suggests 1.1163 could be a good buying opportunity for this currency pair.EURUSDThere 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.