EUR/USD Forex Signal: Strongly Bullish Above $1.0894
Date
11/20/2023 11:18:56 PM
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My previous EUR/USD signal on 13th November was not triggered as none of the support or resistance levels were reached that day's EUR/USD Signals
Risk 0.75%.
Trades may be entered prior to 5pm London time today only.
Short Trade Ideas
Go short following a bearish price action reversal on the H1 timeframe immediately upon the next touch of $1.0945, $1.0960, $1.0976, or $1.1008. Place the stop loss 1 pip above the local swing high. Move 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 50 pips in profit and leave the remainder of the position to ride.
Long Trade Ideas
Go long following a bullish price action reversal on the H1 timeframe immediately upon the next touch of $1.0894, $1.0857, or $1.0828. Place the stop loss 1 pip below the local swing low. Move 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 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/USD Analysis
In my previous analysis of the EUR/USD currency pair last Monday, I wrote that it may be a very quiet day with low volatility, which turned out to be a correct call. The price did not even reach my nearest support or resistance levels that day.
The technical picture has now become much more bullish, as the lower-than-expected US inflation data last week had the effect of shifting sentiment on the US Dollar to put it into reverse, establishing a new long-term bearish trend. The Euro was one of the major currencies to benefit from this, and so the price here shot up to a multi-month high, and a few days after the start of this strong move, it remains bullish above the nearest support level at $1.0894.
The problem for trend traders on the long side is that the move is very strong and sudden, with the key moving averages not aligned in a bullish way, so we may well need some bearish retracement or consolidation period before the price will move much higher.
It is likely to be a quiet day in the market today as a Monday without any major data releases, so I see a long scalp from $1.0894 as the best potential trade which might set up today. If the bullish bounce also clearly rejects the round number at $1.0900, that would be even better.
There is nothing of high importance scheduled today concerning either the EUR or the USD.
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