EUR/USD Forex Signal 17/03: Bulls Find Support At $1.1479

(MENAFN- Daily Forex) EURUSD Chart by TradingView

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

Risk 0.75%. Trades may only be entered before 5pm London time today.

Short Trade Ideas

Go short following a bearish price action reversal on the H1 timeframe immediately upon the next touch of $1.1532, $1.1563, or $1.1578. 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

Go long following a bullish price action reversal on the H1 timeframe immediately upon the next touch of $1.1479, $1.1401, or $1.1361. 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.

In my previous EUR/USD analysis last Wednesday, I thought that the EUR/USD currency pair was seeing a very pivotal point at $1.1600.

I thought that a breakdown below $1.1600 could see the price fall further quickly to $1.1550.

This was a great call – profitable, accurate, and actionable, as the price reached $1.1550 by the New York close that same day, and continued to fall even further.

We are now seeing what looks to be a bullish, impulsive recovery by the price, with a higher low at $1.1479. This is a little strange, as the war in the middle east and the high price of crude oil have been boosting the US Dollar and punishing the Euro, but that dynamic is absent from the price action today, at least so far.

This bullishness may be deceptive, and there are initial signs that bulls might be running out of momentum.

The thing to watch will probably be how the price reacts at the nearby resistance level of $1.1532. A solid bearish reversal there could be a good short trade entry signal. If that price is never reached and the price breaks below $1.1479, that could also be a good short trade entry signal.

If instead the price gets established above $1.1532, I would have to reassess my analysis. In any case, I would still be concerned about being bullish beyond scalping, as there is a cluster of resistance levels just below $1.1600.-p

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There is nothing scheduled today concerning either the Euro or the US Dollar.

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