(MENAFN- Daily Forex) Today's EUR/USD Signals

Risk 0.75%.

Trades may only be entered prior to 5pm London time today Trade Ideas

• Short entry following a bearish price action reversal on the H1 timeframe immediately upon the next touch of $1.1787, $1.1843, or $1.1857.
• 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 $1.1748, $1.1707, or $1.1682.
• 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.

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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

After a lengthy period of consolidation, action in this currency pair is finally starting to reach a significant point, with the price testing the upper limit of the recent range at $1.1787. This will be a key level, and above that, the highest recent daily close at $1.1806, and the round number at $1.1800, will also be a significant area of confluence.

If the price can end today's New York session above $1.1806, that will signify a long-term bullish breakout, and trend and momentum traders will start new long trades in this currency pair. This pair is attractive to trend traders, because although it typically produces deep retracements, it has trended very reliably in the past, more reliably than any other currency pair.

It looks likely that $1.1787 will be today's pivotal point, and it is possible that it will hold as resistance. I will only be fully bullish when the price clears $1.1806.

Markets are universally expecting the Federal Reserve to start a path of rate cuts at its policy meeting tomorrow. A minority of analysts are even anticipating a 0.50% rate cut. This focus on rate cuts, and expectation that the Fed will cut by 0.75% over the remainder of the year. This is sending the US Dollar lower in line with its bearish trend. The Euro is not one of the strongest major currencies, but it is gaining in this environment. So, there is justification to expect higher prices here.

I will enter a long trade if we get a New York close above $1.1806.

EURUSD Chart by TradingView

There is nothing of high importance due today regarding the Euro. Concerning the USD, there will be a release of Retail Sales data at 1:30pm London time.

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