EUR/USD Forex Signal - Thursday, July 13

Yesterday’s signals were not triggered as there was no bullish price action at 1.1461.

Risk 0.75%.

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

Long Trades

Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1409 or 1.1382.

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.

Remove 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to ride.

Short Trade 1

Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1493.

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.

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.

EUR/USD Analysis

The price fell surprisingly strongly yesterday all the way down to the next round number at 1.1400 before recovering. The recovery looks healthy and we have a new supportive trend line which looks as if it will hold up the price. The very bullish rhythm is intact and the outlook is bullish, with the price continuing to make new 1 year highs recently.

There is nothing due today concerning the EUR. Regarding the USD, there will be releases of PPI and Unemployment Claims data at 1:30pm London time, followed at 3pm by the testimony of the Chair of the Federal Reserve before Congress.