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EUR/USD Signal Today - 12/08: Consolidating $1.0931 (Chart)
(MENAFN- Daily Forex) My previous EUR/USD signal on 8th
August
was not triggered as the bullish price action occurred below 0903's EUR/USD Signals
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.Top Forex Brokers1 Get Started 74% of retail CFD accounts lose money EUR/USD AnalysisIn my previous
EUR/USD forecast
on 8th
August, I wrote that the support area centred on the round number at $1.0900 was very likely to be highly pivotal, so I was looking to enter a new long trade following a bullish bounce at $1.0903. This was a good call in the sense that the level is supportive but was not supportive quickly or strongly enough to produce a trade entry signal.The price chart shows bulls and bears quite evenly balanced over the short to medium term, with a new lower resistance level at $1.0931 recently printed which is succeeding in suppressing the price. However, the supportive area at and below also looks strong, and the way the lows are forming looks quite bullish.Keeping these facts in mind, I still look to enter long trades here due to the long-term bullish trend, which has historically shown reliable trends. If we get a bullish bounce at $1.0870 that would probably be a good entry signal.It may be that the price moves very little until Wednesday's release of US CPI data, which could have a big impact upon the US Dollar and hence the wider Forex market which the greenback is central to.There is nothing of high importance due today concerning either the EUR or the USD.Ready to trade our
free Forex signals ? Here is a list of
the best Forex trading platforms for beginners
worth checking out.
August
was not triggered as the bullish price action occurred below 0903's EUR/USD Signals
- Risk 0.75%. Trades may only be taken before 5pm London time today.
- Short entry following a bearish price action reversal on the H1 timeframe immediately upon the next touch of $1.0931, $1.0945, or $1.0998. 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 20 pips in profit and leave the remainder of the position to ride.
- Long entry following a bullish price action reversal on the H1 timeframe immediately upon the next touch of $1.0870, $1.0843, or $1.0818. 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.
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.Top Forex Brokers1 Get Started 74% of retail CFD accounts lose money EUR/USD AnalysisIn my previous
EUR/USD forecast
on 8th
August, I wrote that the support area centred on the round number at $1.0900 was very likely to be highly pivotal, so I was looking to enter a new long trade following a bullish bounce at $1.0903. This was a good call in the sense that the level is supportive but was not supportive quickly or strongly enough to produce a trade entry signal.The price chart shows bulls and bears quite evenly balanced over the short to medium term, with a new lower resistance level at $1.0931 recently printed which is succeeding in suppressing the price. However, the supportive area at and below also looks strong, and the way the lows are forming looks quite bullish.Keeping these facts in mind, I still look to enter long trades here due to the long-term bullish trend, which has historically shown reliable trends. If we get a bullish bounce at $1.0870 that would probably be a good entry signal.It may be that the price moves very little until Wednesday's release of US CPI data, which could have a big impact upon the US Dollar and hence the wider Forex market which the greenback is central to.There is nothing of high importance due today concerning either the EUR or the USD.Ready to trade our
free Forex signals ? Here is a list of
the best Forex trading platforms for beginners
worth checking out.
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