EUR/USD Signal Today - 22/01: Possible Minor Support $1.0900
Date
1/23/2024 2:59:07 AM
(MENAFN- Daily Forex) My previous EUR/USD signal on 15th
January
was not triggered as there was insufficiently bullish price action when the support level at $1.0936 was first reached that day's EUR/USD Signals
Risk 0.75%.
Trades must be entered before 5pm London time today.
Short Trade Ideas
Short entry following a bearish price action reversal on the H1 timeframe immediately upon the next touch of $1.0909, $1.0932, or $1.0998. 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 run.
Long Trade Ideas
Long entry following a bullish price action reversal on the H1 timeframe immediately upon the next touch of $1.0888, $1.0868, or $1.0848. 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 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.
Forex Brokers We Recommend in Your Region See full brokers list 1 Read full review Get Started EUR/USD Analysis
In my previous analysis of
the EUR/USD currency pair
one week ago, I wrote that the Consolidation between $1.0900 and $1.1000 was likely to continue, although I expected an eventual bullish breakout in the coming days or weeks beyond $1.1000. This was a good call for the day, but we finally got a bearish breakdown below $1.0900.
The technical picture has become more bearish, with the earlier bullish trend generated by an earlier bullish
breakout
above $1.1000 becoming invalidated. In recent hours we have seen the price edge up above $1.0900, but it is now knocking on the nearest resistance level at $1.0909. It is likely that the price will not move much today, giving little trading opportunities except perhaps for scalpers.
The only larger opportunity I see which might set up could be if the price gets established later above the resistance level at $1.0932 as it would then have room to rise to the $1.1000 area, which is likely to be strong resistance – it seems clear there are institutions defending options barriers there.
There is nothing of high importance due today regarding either the EUR or the USD.
Ready to trade our daily Forex signals ? Here is a list of the best Forex and CFD brokers worth checking out.
MENAFN23012024000131011023ID1107754941
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.