EUR/USD Signal Today - 11/11: Bullish Setup $1.0686 (Chart)

(MENAFN- Daily Forex) My previous EUR/USD signal on 6th November was not triggered'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 $1.0746, $1.0787, $1.0821, or $1.0852.
  
• 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 $1.0686, $1.0640, $1.0610, or $1.0592.

• 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/USD Analysis

In my previous EUR/USD analysis last Wednesday, I wrote that the US election result had pushed the Dollar higher until the price here reached a cluster of support levels near the round number at $1.0700.

I thought the Dollar had further gains to make, so I was looking for a short trade off resistance, ideally in the $1.0750 area. This was not a productive call, but it was enough to keep out of trouble, as the bullish retracement was much deeper.

It looked as if we were seeing a bullish double bottom at $1.0686, but the price has just made a bearish movement and is now threatening to break below the support level at $1.0686. If the price does get established below this level today, it will be a bearish sign, especially as today is a Monday which is typically a quiet day of the week, and a public holiday in both the USA and France, which is another factor suggesting that liquidity will be low.

EURUSD Chart by TradingView

If the price does get established below $1.0686, it may be a good idea to take a small short trade targeting the support level at $1.0640, if it can be done with a good reward to risk ratio. I will be very surprised if the price makes it all the way to $1.0600 today.

If the support at $1.0686 holds – and it does look certain to be today's pivotal point – a long scalp is a potential trade, but be very careful and conservative with taking profit.

There is nothing of high importance due today concerning either the Euro or the USD. It is a public holiday today in the USA and France.

Ready to trade our free Forex signals ? Here is a list of the best Forex brokers worth checking out.

MENAFN11112024000131011023ID1108873423