EUR/USD Signal Update

Yesterday’s signals were not triggered as there was no bullish price action at either 1.0712 or 1.0665.

Today’s EUR/USD Signals

Risk 0.75%.

Trades may only be entered between 8am and 5pm London time today.

Long Trade 1

  • Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.0621.

  • 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.

    • Short Trade 1

  • Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.0712.

  • 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.

    • 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

    The bullish medium-term price channel has broken, but the price recovered. However, the picture is looking more bearish, with the action suggesting another move down looks like a slightly more probable scenario over the short-term. There is new support at 1.0625.

     

    Concerning the EUR, the President of the ECB will be speaking at a conference at 8am London time. Regarding the USD, there will be a release of CB Consumer Confidence data at 3pm.

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