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EURUSD Forex Signal

Written By Yohay Elam | 2018-08-07 03:53:33 GMT

Today’s EUR/USD Signals

Risk 0.75%.

Trades must be entered before 5pm London time today only.

Short Trades

  • Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1571, 1.1602, or 1.1630.

  • 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.

  • Remove 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

  • Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1496.

  • 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.

  • Remove 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.

EUR/USD Analysis

I took a bearish bias yesterday, and this worked out fairly well, with the price falling during the first part of the London session to new lows before recovering later. There is a new, lower resistance level at 1.1571. There is a long-term bearish trend. The final part of the Asian session sees the price trying to rise, and it looks as if 1.1571 will be the pivotal level today. Therefore, I would like to see a failure to break above this level during the early part of the London session, which would make me take a bearish bias if the price begins to move down from there. The long-term bearish trend is another reason to be bearish today.

EURUSD

There is nothing important due today concerning either the EUR or the USD.

Author

By Yohay Elam
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