Last Thursday’s EUR / USD signals were not triggered as there was no bearish price action at any of the identified resistance levels that were reached that day.

EUR / USD signals of the day

Risk 0.75%.

Transactions must be completed before 5:00 p.m. London time today.

  • Short entry following a bearish price reversal over the H1 period immediately at the next contact of 1.1896, 1.1908 or 1.1922.

  • Put the stop loss 1 pip above the local swing high.

  • Adjust the stop loss to reach the breakeven point once the trade reaches 20 pips of profit.

  • Take out 50% of the position as profit when the price reaches 20 pips of profit and let the rest of the position work.

Long business ideas

  • Long entry following a bullish reversal of the 1H1 H1H1H1 period price action immediately after the next contact of 1.1850, 1.1826, 1.1807 or 1.1772.

  • Put the stop loss 1 pip below the local swing low.

  • Adjust the stop loss to reach the breakeven point once the trade reaches 20 pips of profit.

  • Take out 50% of the position as profit when the price reaches 20 pips of profit and let the rest of the position work.

The best method to identify a classic “price action reversal” is to close an hourly candle, such as a pin bar, doji, outside candle, or even just a engulfing candle with a higher close. You can operate these levels or areas by looking at the Price action that occurs at given levels.

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EUR / USD analysis

I wrote last Thursday that as we had just seen another 50 day low closing price, we are likely going to continue to see even lower prices over the next few days. I thought a key level to watch was 1.1807, and that we were probably going to see a bearish day on Friday.

I was wrong on the lower prices and on Friday being a falling day. However, I was absolutely right about 1.1807, as the breakout bullish above that level triggered a much stronger bullish directional move.

We have seen the long term downtrend fail, with the price strongly rejecting the lower. Technically, the price is comfortably back in a long-term, very flat consolidating zone.

This pair has become a lot less interesting to trade, but the consolidation looks strong and unlikely to break, I think there might be an interesting opportunity today to either enter a short trade from a reversal Bearish to 1.1896, which is a long trade from a bullish reversal position at 1.1807. The resistance at 1.1896 stands out much more than any of the current support levels, but of all the support levels 1.1807 looks the most likely to be strong as it was essential when it last appeared, and because it would complete the final. shoulder of a bullish head and shoulders if a bullish leg ends from it.

EUR / USD

Regarding the USD, CPI (inflation) data will be released at 1:30 p.m. London time. There is nothing very important about the euro expected today.



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Al Worden

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