(MENAFN- Daily Forex) EURUSD: Bearish below 1.1020 / 1.1000
Last Thursday's signalswere not triggered, as there was no bearish price action that day when 1.1035 was reached.
Today's EUR/USD Signals
Risk 0.75%.
Trades must be taken before 5pm London time today only.
Short Trade Idea
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Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1097.
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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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Take off 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 Idea
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Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.0959.
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Put the stop loss 1 pip below the local swing low.
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Adjust the stop loss to break even once the trade is 20 pips in profit.
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Take off 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.
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EUR/USD Analysis
I wrote last Thursday that it looked as if the price was naturally going to move down from the rejection of the resistance at 1.1035, but both the Euro and the British Pound were having movements determined largely by political factors over Brexit which were very unpredictable. This was an OK call as although I was wrong about the primary direction, I did note that it was very unpredictable. The price moved up before falling back and continuing to sell off over Friday.
Despite the new U.S. Dollar weakness, the Euro continues to be the weakest major currency, so it will only take a little strength in the Dollar to push the price down here again. The price is very close to support at 1.1020, but I have little confidence in this support. I think that if the price can get established below the big round number at 1.1000 it will be well-placed to start falling again in line with the long-term bearish trend. 
There is nothing of high importance due today concerning either the EUR or the USD.
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