(MENAFN- Daily Forex) EURUSD: Swinging consolidation above 1.1000 area continues
Last Thursday's signalswere not triggered, as none of the key levels were reached that day.
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 1.1131 or 1.1162.
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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 1.0994.
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Place 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 I did not want to take any directional bias until we got a breakout from the zone between 1.0994 and 1.1131. The price has remained within this zone, so I correctly identified a ranging area.
There is a weak long-term bearish trend, so a bearish breakout will probably be more interesting than a bullish one.
However, the support at 1.0994 is very confluent with the big psychological level and major round number at 1.1000 so I could see a bullish bounce at this support level being an excellent long trade. If it sets up, I would take a bullish bias here. 
There is nothing of high importance due today concerning the USD. Regarding the EUR, there will be a release of French Flash Services PMI data at 8:15am London time, followed by German Flash Manufacturing & Services PMI at 8:30am. The President of the ECB will be giving a minor speech at 2pm.
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