EUR/USD Forex Signal | DailyForex

Yesterday’s signals were not triggered, as none of the key levels were ever reached.

Today’s EUR/USD Signals

Risk 0.75%.

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

Short Trade

  • Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of the upper trend line at 1.1227.
  • 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

  • Go long 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 as this pair was in a clear long-term bearish trend, unlike the other major Forex pairs, so the odds were still that the bullish retracement would not be able to overcome those obstacles (the trend line and the level at 1.1227), although today could be an up day. This was a good call as the day was an up day, but the price was unable to break up above the top of the bearish price channel which is shown within the price chart below.

A break above that trend line, or above 1.1200 or 1.1227, would be a bullish sign. Yet there is still a long-term bearish trend. I take no directional bias on this pair today but will be watching it closely.

EUR/USD Forex Signal | DailyForex

EUR/USD Forex Signal | DailyForexThere is nothing important due today concerning the EUR. Regarding the USD, there will be a release of CB Consumer Confidence data at 3pm London time.

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