EUR/USD Signal Today- 26/09: Retreat From High Price (Chart)
Date
9/26/2024 2:51:24 PM
(MENAFN- Daily Forex) My previous EUR/USD signal on 23rd
September
was not triggered as none of the key support or resistance levels were reached that day's EUR/USD Signals
Risk 0.75%. Trades may only be taken 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 $1.1182 or $1.1241. 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 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. 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.
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In my previous
EUR/USD analysis
last Monday, I wrote that the picture looked somewhat bullish, but that the price was consolidating below the key resistance level at $1.1187, which looked likely to be the day's pivotal point.
This wasn't an especially good call, although the price remained below this level all day, without giving an entry opportunity from a rejection of this level.
The picture has become somewhat more bullish still, with the price yesterday rising to trade at a fresh 1-year high above $1.1200, before falling back later during the New York session to close back in familiar territory below $1.1182.
I see this area of resistance just below $1.1200 as a very strong pivotal point, and with the long-term bearish trend in the US Dollar, there must be a good chance of a bullish breakout.
Therefore, I see the best potential opportunity today as a long trade entry following two consecutive hourly closes above $1.1182, without any significant upper wick on the second hourly candlestick.
Regarding the USD, there will releases of Final GDP and Unemployment Claims data at 1:30pm London time today, while Fed Chair Powell will be giving a minor speech at 2:20pm. There is nothing of high importance due today concerning the Euro.
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