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Yesterday's signals generated a profitable short trade following the bearish rejection of the resistance level at 1.1380. This trade has the tendency behind it, so it can be interesting to let any profit run.
Current EUR / USD signals
Risk 0.75%.
Exchanges can only be entered before 5 pm London time today.
Short trades
- Reduce the trend after a bearish reversal on chart H1 immediately after the next hit of 1.1380 or 1.1417.
- Place the stop loss 1 pip above the highest local swing.
- Move the stop loss to break even once the trade generates 20 profit pips.
- Remove 50% of the position as a profit when the price reaches 20 pips and leave the rest of the position at the driving position.
Long trade
- Follow the bullish movement after the bullish reversal of H1 immediately after the next hit of 1.1256.
- Place the stop loss 1 pip above the highest local swing.
- Move the stop loss to break even once the trade generates 20 profit pips.
- Remove 50% of the position as a profit when the price reaches 20 pips and leave the rest of the position at the driving position.
The best method for identifying a classic "price reversal" is to close a candle on time, such as a pin, a doji, an outside or even just a sinking candle with a top fence. You can exploit these levels or areas by observing the evolution of prices at given levels.
EUR / USD analysis
I wrote yesterday that long-term and medium-term trends were bearish, with the medium-term trend being illustrated by the downward price channel shown in the chart below. I would be happy to take a bearish bias if we find a clear failure to climb higher to near key resistance levels. We had this at 1.1380 and the price fell right here in a good bearish wave, and the action still seems pretty bearish, so it was a good choice.
I see no reason not to remain bearish today, with the US dollar increasing almost everywhere.
There is nothing important to make today about the euro. For the USD, CB consumer confidence data will be released at 15:00 London time.
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