(MENAFN- Daily Forex) Yesterday's signals were not triggered, as the bearish price action took place a little way above 1.1650.
Today's EUR/USD Signals
Risk 0.75%.
Trades must be entered before 5pm London time today only.
Short Trades
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Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1703 or 1.1759.
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Put the stop loss 1 pip above the local swing high.
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Adjust the stop loss to break even once the trade is 20 pips in profit.
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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
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Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1596.
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Put the stop loss 1 pip above the local swing high.
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Adjust the stop loss to break even once the trade is 20 pips in profit.
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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 took a bearish bias yesterday, expecting to see the price continue to fall to reach support. The price did fall initially but turned around a few pips above the support level near 1.1600 to rise sharply, ending the day only a little below the level where it started. However, the rise has cooled off and slowly started to reverse, so it looks quite likely the price is going to fall again and make another attempt at the support.
Although the exact resistance level at 1.1650 has been invalidated, we can still see on the chart that sellers have been continuing to step in close to that level. I again take a bearish bias today.
There is nothing important due today concerning either the EUR or the USD.
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