(MENAFN- Daily Forex) My previous EUR/USD signal on 15th October gave a profitable long trade from the bullish engulfing candlestick reversal at the support level of $1.616.

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 $1.1628, $1.1640, or $1.1657.
• 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 $1.1615, $1.1600, or $1.1561.
• 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 last Wednesday, I thought that the EUR/USD currency pair was presenting a technically bullish head and shoulders pattern which was very likely to complete with a bullish breakout above $1.1627.

This was a good and accurate call, although the first stage of the breakout was somewhat choppy.

The technical picture has now become more bearish, with the price falling solidly on a strengthening US Dollar as the London session open approaches, although we begin to see signs of support kicking in near $1.1615.

Note the two linear regression analysis studies drawn within the price chart below which show the price trading within a symmetrical bearish channel, which is a bearish sign, albeit a short term one.

There are only two factors which are not bearish:

• The price is near the lower trend line of both descending price channels.
• There is no long-term trend in this currency pair, so it will likely be prone to bullish reversals.

I think the best opportunity which might set up during today's London session would be a bearish reversal from a confluence of the price channel upper trend line or lines and the horizontal resistance level at $1.1640. If $1.1650 is rejected in the same movement, that would be an even better set-up.

EURUSD Chart by TradingView

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

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