EUR/USD Forex Signal

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EURUSD: Pivotal point at 1.0993

Yesterday’s signals were not triggered, as none of the key levels were ever reached.

Today’s EUR/USD Signals

Risk 0.75%.

Trades may only be entered between 8am and 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 1.1039, 1.1043, 1.1056, or 1.1093.

⦁ Put 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.

⦁ Remove 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 on the H1 time frame immediately upon the next touch of 1.0993, 1.0966, or 1.0941.

⦁ Put 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.

⦁ Remove 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 yesterday that the area around 1.1000 / 1.0993 continues to be very important and that I saw it as likely to pivotal, but I was most interested in taking a short bias if the price could get established below 1.0993.

The price moved very little yesterday, making no significant change to the technical picture, so my approach here on this currency pair is unchanged.

I would be very interested in a long trade entry from a bullish bounce at 1.0993, or a short trade entry if we get a couple of hours consecutive closes below 1.0993 during today’s London session.EURUSDThere is nothing of high importance due today concerning the EUR. Regarding the USD, there will be a release of Chicago PMI data at 2:45pm London time. 

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.
Learn more from Adam in his free lessons at FX Academy