EUR/USD Forex Signal 11/03: Bearish Below $1.1600

(MENAFN- Daily Forex) EURUSD Chart by TradingView

My previous EUR/USD signal last Thursday was not triggered's EUR/USD Signals

Risk 0.75%. Trades must be taken prior to 5pm London time today only.

Short Trade Ideas

Short entry following a bearish price action reversal on the H1 timeframe immediately upon the next touch of $1.1640, $1.1662, or $1.1672. 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 $1.1600, $1.1551, or $1.1543. 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.

In my previous EUR/USD analysis last Thursday, I thought that the EUR/USD currency pair was looking more bearish. I saw the price as likely to head for the $1.1550 area where a bullish bounce was likely to happen. I was wrong about the price making it as low as that, but the long of the day at the low of the day was only a few pips above that level.

The price chart below shows that a bearish trend, albeit a disorderly one, has dominated the price action over recent weeks. We have just seen a pop higher, which has produced an interesting structure, with the chart clearly showing a strong bearish head and shoulders pattern which will complete if the price can break below $1.1600.

As $1.1600 is a round number and a horizontal support level, I think this level will likely be very pivotal today. If it holds, I am not sure there will be a lot of scope for profit on the long side, maybe just a few pips to scalp.

A breakdown below $1.1600 could see the price fall further quickly to $1.1550.

There is very important US data due shortly before the start of the New York session, and this data is likely to dominate what happens next here. I doubt any of the support or resistance levels will break convincingly before that data release happens.-p

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There is nothing scheduled today concerning the Euro. Regarding the US Dollar, there will be a release of CPI (inflation) data at 3pm London time.

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