(MENAFN- Daily Forex) My previous EUR/USD signal on 27th November was not triggered.

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 $1.1613, $1.1682, or $1.1694.
• 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 $1.1551, $1.1543, or $1.1525.
• 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.

Top Forex Brokers1 Get Started 74% of retail CFD accounts lose money EUR/USD Analysis

In my previous EUR/USD analysis last Thursday, I thought that the EUR/USD currency pair was likely to see bulls have a minor upper hand. I thought there might be some scalping opportunities, but they did not set up.

Although the US Dollar is technically in a long-term bullish trend, recent price action has suggested weakness in this trend, so I have no problem taking long trades here.

Technically, the key feature in the price chart below is the consolidation below the resistance level at $1.1613 which looks very likely to be today's pivotal point. If the price can break out and hold above this level, it can run quite far before it hits any other resistance levels.

I see the best opportunity which might set up today here as a long trade following two consecutive hourly closes above $1.1613 if the candlesticks do not have significant upper wicks.

EURUSD Chart by TradingView

There is nothing of high importance due today regarding the Euro. Concerning the USD, there will be a release of ISM Manufacturing data at 3pm London time.

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