EUR / USD Forex signal: Can probably suffice today

EUR / USD: Let bearish bias

Yesterday’s signals were not triggered as there was no bearish price action as the resistance level at 1.1823 was first reached.

Today’s EUR / USD signals

Risk 0.75%.

Trades must take place between 08.00 and 17.00 in London only today.

• Go short after a bearish price change on the H1 time frame immediately after the next touch of 1.1849, 1.1863, 1.1882 or 1.1897.

• Set stop loss 1 pip above the local turn high.
• Move the stop loss to break when the trade is 20 pips in profit.
• Remove 50% of the position as profit when the price reaches 20 pips in profit and let the rest of the position run.

Ideas for long trade

• Go long after a bullish price action reversal on the H1 time frame immediately after the next touch of 1.1786 or 1.1745.

• Set stop loss 1 pip below the local turn low.
• Move the stop loss to break when the trade is 20 pips in profit.
• Remove 50% of the position as profit when the price reaches 20 pips in profit and let the rest of the position run.

The best way to identify a classic “price change” is to close an hour candle, e.g. A pin, a doji, an exterior or even just a glowing light with a higher close. You can take advantage of these levels or zones by looking at price action occurring at the given levels.

EUR / USD analysis

I wrote yesterday that in the short term it seemed clear that the area around 1.1823 would be central. However, I thought this would be more meaningful if we had gotten a bearish reversal there than if we had gotten a bullish break. I also noticed that there was a cluster of resistance levels above 1.1823 that would probably be hard to break.

This was a correct call as the split below 1.1823 produced a mostly downward movement the rest of the day, but not so much.

The technical situation now is that there is no real trend and the price seems to be stuck between a support range below 1.1785 and the resistance levels above. However, it can also be noted that the price has continued to move down in waves the last few days, so it may be that the line with the least resistance is down.

I am ready today to take a long trade from a bullish bounce at 1.1745 or a short trade from a bearish reversal of 1.1849.There is nothing of great significance due today to either the EUR or the USD.