EUR/USD Forex Signal | DailyForex

Yesterday’s signals were not triggered as there was no bullish price action when 1.1172 was reached.

Today’s EUR/USD Signals

Risk 0.75%.

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

Short Trades

  • Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of the area between 1.1172 and 1.1180 or 1.1220 and 1.1225.
  • 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.
  • Remove 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

  • Long entry immediately upon the next touch of 1.1030.
  • 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.
  • Remove 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 yesterday that the picture had become more bearish with yesterday’s move down to an area near the support at 1.1172. There is a long-term bearish trend, although it is slow. This suggested that the odds should be with the bears, but there was a support level at 1.1172 that the bears needed to overcome before the price could make a truly significant downwards movement. This was a pretty good call as the price finally broke below the level and has now started to fall more firmly, although it did not happen until much later in the day than I had hoped for.

The picture is now even more bearish and as long as the price continues to fall bears should be encouraged. I would take a bearish bias upon a bullish retracement to the resistant zone which begins at 1.1172 which then makes a firm bearish reversal.

EUR/USD Forex Signal | DailyForex

There is nothing important due today concerning either the EUR or the USD.

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