(MENAFN- Daily Forex) My previous EUR/USD signal on 11th
June
produced a profitable long trade from a bullish bounce at the support level of 0722's EUR/USD Signals
Risk 0.75%. Trades must be entered before 5pm London time today.
Short Trade Ideas
Go short following a bearish price action reversal on the H1 timeframe immediately upon the next touch of $1.0709, $1.0722, or $1.0782. 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
Go long following a bullish price action reversal on the H1 timeframe immediately upon the next touch of $1.0640, $1.0610, or $1.0592. 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.
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EUR/USD Analysis
In my previous analysis of
the EUR/USD currency pair
on 11th
June, I wrote that the Euro was likely to trade lower although it might respect $1.0750 and $1.0700. This was an OK call as the price here did move lower over the course of that day.
The Euro is likely to remain weak, as it has remained weak, due to the RN party in France slightly strengthening its opinion poll lead, suggesting that the far right will take power in some form after the election is held within a few weeks.
The US Dollar may get some boost from Fed member Kashkari's hawkish comment on the next rate cut being best suited to December.
Technically, we see a new zone of resistance between $1.0709 and $1.0723 and the price is consolidating just below it.
A more pronounced bearish reversal off this level could provide a good opportunity to enter a short trade with a relatively tight stop. The price would then have room to fall to $1.0640.
Alternatively, if the price can get established above $1.0723 during the first half of today's London session, that will be a bullish sign, and the price would then have room to advance to $1.0782.
There is nothing of high importance scheduled today concerning the EUR. Regarding the USD, there will be a release of Empire State Manufacturing Index data at 1:30pm.
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