EUR/USD Signal Today - 20/11: Double Bottom At $1.05 (Chart)

(MENAFN- Daily Forex) My previous EUR/USD signal on 11th November was not triggered's EUR/USD Signals

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

Top Forex Brokers1 Get Started 74% of retail CFD accounts lose money Short Trade Ideas

• Short entry following a bearish price action reversal on the H1 timeframe immediately upon the next touch of $1.0610, $1.0638, or $1.0686.
  
• 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 $1.0490 or $1.0447.
• 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/USD Analysis

In my previous EUR/USD analysis early last week, I wrote that we would probably see a pivotal point at $1.0686. However, this level was never reached that day, so my call was not actionable.

The technical picture now has become very interesting:

• The US Dollar rally seems to have run out of steam.
• Many assets, including this one, have begun to for a potentially bullish double bottom chart pattern.
• The potential double bottom here is maybe more technically significant than the ones we are seeing elsewhere, because the recent bottom is in the $1.0500 which is a major round number.

So, we see some bullish signs, but it must be remembered that this currency pair is still in a long-term bearish trend. However, I find it hard to see a significant bearish reversal happening today.

Bulls will probably be wise to wait now for a breakout beyond the resistance level at $1.0638 before considering a long trade today. Two consecutive hourly candles higher than that level with little upper wick before the first couple of hours of the New York session will probably be a good entry signal for this.

There is nothing of high importance due today concerning either the Euro or the USD.

EURUSD Chart by TradingView

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