SIGNAL FOREX

EUR/USD Forex Signal: Bullish Over Medium Term – DailyForex.com


Last Thursday’s EUR/USD signals were not triggered as none of the key levels identified were reached that day.

Today’s EUR/USD Signals

Risk 0.75%.

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

  • Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1895, 1.1908, or 1.1922.

  • 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

  • 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.

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EUR/USD Analysis

I wrote last Thursday that the way the price seemed to be using the broken resistance at 1.1850 as new support should be very encouraging to bulls.

I thought that the price had considerable room to move higher to 1.1895 without running into any resistance.

I was ready to take a long trade if we had gotten a bearish retracement back to 1.1850 or 1.1841 followed by a firm bullish bounce at either level.

These were good calls as having broken above 1.1850 the price did then move up to 1.1895 as I forecasted. Unfortunately, the price did not retrace to retest 1.1850 as I had hoped to trigger an entry signal.

The price now is looking quite bullish over the medium term, as it continues to move in an upwards trend quite persistently. The euro is one of the stronger major currencies in the Forex market right now. This currency pair, the EUR/USD, tends to trend quite reliably over the medium term, which points towards the likelihood of persistence in upwards price movement. However, the area around 1.1900, which is not far away, has acted as a strongly pivotal area, so I would want to see bulls get the price established above 1.1921 before being very confident that there is much left in this move.

I will take a bullish bias at the end of today if the price closes above 1.1921. If not, I will be ready to take a short trade from a bearish reversal at any of the resistance levels identified at or below 1.1921.

EUR/USD

There is nothing of high importance scheduled today concerning either the EUR or the USD.

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