SIGNAL FOREX

EUR/USD Forex Signal: Consolidation – DailyForex.com


It might be wise to stand aside from trading this currency pair today.

EUR/USD: Ranging from 1.1250 to 1.1350

Last Thursday’s signals were not triggered as there was no bullish price action when either of the support levels were reached.

Today’s EUR/USD Signals

Risk 0.75%.

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

  • Go short immediately upon the next touch of 1.1517. 
  • Place 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 time frame immediately upon the next touch of 1.1321, 1.1297, or 1.1254. 
  • Place 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.

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 bullish bounces at 1.1354 and 1.1303 looked like excellent long trade entry points. This did not work out, with the price falling and cutting through both of those levels over the day, but as there were no bounces, it was at least enough to keep out of any losing trade entries.

The technical picture now is one of a range between approximately 1.1250 and 1.1350, with a potential bearish head and shoulders formation at the top and a double bottom so far at the bottom, so it is hard to say in which direction we are more likely to get an eventual breakout. The USD is generally weak, so we might say things look a little bullish as long as the price holds up above the highest support level at 1.1321.

I think the best opportunity we might see here, although it is very unlikely to happen today, would be a long trade from a bullish bounce at 1.1245. Beyond that, it might be wise to stand aside from trading this currency pair today.

EUR/USD

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

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