EUR/USD Signal Today - 07/10: Looking Bearish (Chart)


(MENAFN- Daily Forex) My previous EUR/USD signal on 26th
September
was not triggered as there was insufficiently bearish price action when the resistance level at $1.1182 was first reached's EUR/USD Signals

  • Risk 0.75%.
  • Trades must be entered prior to 5pm London time today.

Short Trades Ideas
  • Short entry following a bearish price action reversal on the H1 timeframe immediately upon the next touch of $1.0986, $1.1005, or $1.1054.
  • 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 $1.0947, $1.0870, or $1.0843.
  • 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.

Top Forex Brokers1 Get Started 74% of retail CFD accounts lose money EUR/USD Analysis

In my previous
EUR/USD analysis
almost two weeks ago, I wrote that the technical picture had become more bullish still, with the price yesterday rising to trade at a fresh 1-year high above $1.1200. However I saw this area as likely to be very pivotal, and that was a good call, as the price continued over the next days trying to break above it, but ultimately failing and producing lost of short pips.

We have seen a resurgent US Dollar for some days now, and this new short-term trend was given a rocket boost on Friday when US jobs and average earnings data came in notably higher than the consensus forecast. This sent the greenback, and its treasury yields, notably higher.

This bearish environment is making the price action look heavy. The short-term action is also clearly making a bearish turn, as can be seen in the H1 price chart below.

If the price does get established below $1.0947 during the first half of today's London session, that would be a bearish sign, suggesting that the support level at $1.0870 would be the next target. Key support or resistance levels do not usually break on quiet Mondays.

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 brokers
worth reviewing.

MENAFN07102024000131011023ID1108752067


Daily Forex

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.