EUR/USD Forex Signal - Thursday, Dec. 1

EUR/USD Signal Update

Yesterday’s signals gave a losing long trade following the bullish engulfing candle rejecting the support level at 1.0621, but then gave a winning short trade following the bearish pin candle rejecting the resistance level at 1.0666.

Today’s EUR/USD Signals

Risk 0.75%.

Trades may only be entered between 8am and 5pm London time today.

Long Trade 1

* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.0563.

* 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.

* Remove 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to ride.

Short Trade 1

* Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.0666.

* 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.

* Remove 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to ride.

EUR/USD Analysis

The price is still following the support and resistance levels I have identified here quite closely. We are essentially in a ranging pattern where profits can be made on both the long and the short side, despite the long-term bearish trend.

The real action in the Forex market is elsewhere right now.

(Click on image to enlarge)

There is nothing due today regarding the EUR. Concerning the USD, there will be a release of Unemployment Claims data at 1:30pm London time, followed later by ISM Manufacturing PMI at 3pm.