EUR/USD Forex Signal - Thursday, Nov. 10

EUR/USD Signal Update

Yesterday’s signals were not triggered as there was no bullish price action at 1.1150.

Today’s EUR/USD Signals

Risk 0.75%.

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

Long Trade 1

Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.0892.
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.
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.

Short Trades

Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.0961, 1.0990 or 1.1030.
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.
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.

EUR/USD Analysis

I was wrong yesterday in thinking the price would hold up. The market reversed completely, with prices getting back to their levels from before the election.

The Forex market has made a very large move and will need some time to settle down before becoming safer to trade and more “predictable”. However, it does look that volatility is already getting back to a more normal level.

I think a consolidation with an upwards drift is more probably over the very short-term than a move that would break down past the support level at 1.0892.

(Click on image to enlarge)

EURUSD