My previous EUR/USD signal yesterday was not triggered.
Today’s EUR/USD Signals
Risk 0.75%.
Trades must be taken before 5pm London time today.
Short Trade Ideas
- Short entry following a bearish price action reversal on the H1 timeframe immediately upon the next touch of $1.1760, $1.1766, or $1.1808.
- 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.
- 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
- Go long following a bullish price action reversal on the H1 timeframe immediately upon the next touch of $1.1672, $1.1633, $1.1551.
- 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.
- 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.
Top Regulated Brokers
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
In my previous EUR/USD analysis yesterday, I thought that the EUR/USD currency pair was likely to make a further fall if it broke below $1.1710. This was an OK call, as it reached the next support level at $1.1672.
The technical picture has not changed much, just the support level at $1.1710 has evaporated.
President Trump yesterday effectively took immediate concern over Greenland and related tariffs, as well as a regime-changing strike against Iran, off the table, which calmed markets. We are likely now to see technicals become more important, although if there are any surprises with the high-impact US data which will be released later, that could move the price.
I see the price as likely to range today between $1.1672 and $1.1760, so trades exploiting a reversal from either level could be worthwhile entries today.
There is nothing of high importance due today regarding the Euro. Concerning the USD, there will be a release of Core PCE Price Index data at 3pm London time preceded by Final GDP data at 1:30pm.
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