EUR/USD Signal Today 18/03: Powers To New 5-Month High Price

(MENAFN- Daily Forex) My previous EUR/USD signal on 12th March was not triggered, as the bullish price action happened just below the support level which I had identified at $1.0882.

Today's EUR/USD Signals

Risk 0.75%.

Trades must be taken before 5pm London time today only.

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

• Short entry following a bearish price action reversal on the H1 timeframe immediately upon the next touch of $1.0951, or $1.0986, $1.1005.
• 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

• Long entry following a bullish price action reversal on the H1 timeframe immediately upon the next touch of $1.0938, $1.0909, or $1.0898.
• 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.

EURUSD Chart by TradingViewEUR/USD Analysis

In my previous EUR/USD analysis last Wednesday, I wrote that the EUR/USD currency pair was looking bullish as long as the price held up above the support level of $1.0882.

This was a good and fairly accurate call, as although the low of the day was just a few pips below $1.0882, the support level was very close to holding the low, and the price advanced from this area.

The technical picture has become more bullish since my last forecast, as the price has just made a strong bullish breakout to a new multi-month high price above $1.0950, although for the time being at least, the price is being help by the resistance level at $1.0951.

The Euro is the strongest major currency, and we are very close to a new valid long-term bullish trend in this currency pair. The only thing missing is for the 50-day moving average to cross above the 100-day moving average. Once that happens, and it will happen very soon, new bullish breakouts will be trend entry signals.

The US Dollar is getting hurt by the ongoing trade war which is hurting the USA, and which is contributing to worries of a US economic slowdown, as evidenced by worse than expected US retail sales data released yesterday. The Euro is strong, so we have a perfect bullish storm here.

This pair is usually best traded on pullbacks, so I see a long trade following another bounce at $1.0938 as the best trade entry opportunity which might set up today.

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

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