There is no trend on any time frame except the short-term bullish break above 1.1240 which we are seeing now.
EUR/USD: Short-term weakly bullish above 1.1241
Last Thursday’s signals were not triggered as there was no bullish price action at either 1.1241 or 1.1205.
Today’s EUR/USD Signals
Risk 0.75%.
Trades may only be entered before 5pm London time today.
Short Trade Idea
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Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1281, 1.1311, or 1.1354.
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Place the stop loss 1 pip above the local swing high.
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Adjust the stop loss to break even once the trade is 20 pips in profit.
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Take off 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
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Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1240, 1.1205, or 1.1155.
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Place the stop loss 1 pip above the local swing high.
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Adjust the stop loss to break even once the trade is 20 pips in profit.
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Take off 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.
EUR/USD Analysis
I wrote last Thursday that the most likely scenario by far seemed to be a consolidation. We would probably see the price move sideways now and support and resistance levels nearby would most likely not be well respected. I therefore thought it best to stand aside from trading this currency pair.
I think this was a good call as although the price did fall a little on Thursday, the movement has basically been sideways. There is no trend on any time frame except the short-term bullish break above 1.1240 which we are seeing now.
I see the conditions here as remaining unpredictable so again I am not eager to trade this pair. The only potential opportunity I see from the chart which looks reliable would be a long trade from a bullish bounce at the double bottom support level at 1.1195.There is nothing of high importance scheduled today regarding either the EUR or the USD.
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Please make sure your comments are appropriate and that they do not promote services or products, political parties, campaign material or ballot propositions. Comments that contain abusive, vulgar, offensive, threatening or harassing language, or personal attacks of any kind will be deleted. Comments including inappropriate will also be removed.