EUR/USD Forex Signal

Yesterday’s signals were not triggered, as there was insufficiently bullish price action at 1.1891.

Today’s EUR/USD Signals

Risk 0.75%.

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

Long Trades

Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1838, 1.1813, or 1.1774.
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 ride.

Short Trade

Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1912.
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 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 continued to rise yesterday in line with the bullish trend, but as I forecasted, the price was unable to break past the resistant area at 1.1962, which held to the pip. This often happens on a day like yesterday when no major news events are scheduled. The price later pulled back, breaking its bullish channel, but also being held to the pip by the support level at 1.1891. The price has risen a little from there, so it seems more likely to rise today than to fall. I have a bullish bias.

There is nothing important due today concerning the EUR. Regarding the USD, there will be a release of Preliminary GDP data at 1:30pm London time, and later at 3pm the Chair of the Federal Reserve will be testifying before Congress. There will be a release of Crude Oil Inventories at 3:30pm.

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