EUR/USD Forex Signal: Bearish Price Channel Hitting Support

My previous EUR/USD signal on 25th March was not triggered.

Today’s EUR/USD Signals

Risk 0.75%.
Trades must be taken prior to 5pm London time today.

Short Trade Ideas

Short entry following a bearish price action reversal on the H1 timeframe immediately upon the next touch of $1.1719, $1.1740, or $1.1757.
Place the stop loss 1 pip above the local swing high.
Move the stop loss to break even once the trade is 20 pips in profit.
Remove 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to ride.

Long Trade Ideas

Long entry following a bullish price action reversal on the H1 timeframe immediately upon the next touch of $1.1682, $1.1678, or $1.1669.
Place the stop loss 1 pip below the local swing low.
Move the stop loss to break even once the trade is 20 pips in profit.
Remove 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to ride.

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.

EUR/USD Analysis

In my previous EUR/USD analysis a little more than one month ago, I thought that the EUR/USD currency pair was looking a little bullish, with $1.1576 very pivotal.

This was not a great call for the day.

The technical picture here is mixed, with a wide bearish descending price channel pushing the price lower over several days. However, the price just got near a cluster of support levels which start at $1.1682 and these seem to have halted the slide in the price for now.

I think the price is likely to range today between the nearest support and resistance levels as there is not much going on in the market.

I would take a conservative long trade from a bullish bounce at $1.1682, or a short trade from a bearish rejection of the resistance level at $1.1719 later, especially if at the time it is confluent with the descending channel upper trend line which I have drawn within the price chart below.