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MENAFN- Daily Forex) My previous EUR/USD signal on 5th February was not triggered.
Today's EUR/USD Signals
Risk 0.75%.
Trades may only be taken prior to 5pm London time Trade Idea
Short entry following a bearish price action reversal on the H1 timeframe immediately upon the next touch of $1.0405, $1.0428, or $1.0457.
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 $1.0338, $1.0271, or $1.0246.
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.
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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 one week ago, I wrote that the EUR/USD currency pair was looking more bullish, following the over and under / Quasimodo pattern rejecting the recent lows below $1.0250 plus the bullish breakout beyond the former clear resistance level at $1.0387.
This was a good and accurate call as the price rose over the course of the day.
The technical picture has changed little over the past week, with the US Dollar not doing much in the Forex market, and the price just continuing to range around between $1.0425 and $1.0275. The only thing that has really changed is the choppy action taking out some support or resistance levels, so the price is now trading within a wide band between $1.0338 and $1.0405.
The short-term price action is slightly bullish, and the fact that the price seems to be basing not far above the support level at $1.0338 is also slightly bullish, so I think the price is quite likely to trade higher before the US CPI (inflation) data release later, which could send the price anywhere depending upon whether the data is surprising. If the month-on-month rise is less than 0.3%, the price here will rise; if more, the price will fall. A minor surprise could trigger a spike to key support or resistance where a well-placed limit order might pick up a quick scalp that would quickly go into profit.
EURUSD Chart by TradingView
There is nothing of high importance due today concerning the Euro. Regarding the USD, there will be a release of CPI (inflation) data at 1:30pm followed by Fed Chair Jerome Powell testifying before the House of Representatives at 3pm.
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