EUR/USD Signal Today - 23/09: Consolidation Below $1.1187

(MENAFN- Daily Forex) My previous EUR/USD signal on 16th
September
was not triggered's EUR/USD Signals

• Risk 0.75%.
• Trades must be entered prior to 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 $1.1187 or $1.1241.
• 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 $1.1066, $1.1028, or $1.1005.
• 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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In my previous
EUR/USD analysis
one week ago, I wrote that bulls were stuck right at the resistance level of $1.1104. It looked as if bulls would succeed in breaking this level, which could be a good long trade entry signal.

This was a good though not very profitable call, but it still gave a few profitable long pips if followed.

The technical position is basically bullish, or at least has a bullish bias, but it's a quiet Monday will the US Dollar and major currencies likely to consolidate, even though there will be releases of manufacturing and services data in both the USA and the Eurozone.

What stands out is the long-term weakness of the US Dollar, and the way the price has been consolidating just underneath the key resistance level at $1.1187, which looks likely to be today's pivotal point.

If we get two consecutive higher hourly closes above $1.1187, without significant upper wicks on the candlesticks, this could be an interesting long trade entry signal.

Regarding the EUR and the USD, there will be releases of Flash Services and Manufacturing PMI data for both the USA, Germany, and France today.

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