EUR/USD Forex Signal - Wednesday, July 5

Yesterday’s signals were not triggered as none of the key levels were ever reached.

Today’s EUR/USD Signals

Risk 0.75%.

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

Protect any open trade by 6:30pm London time.

Long Trades

Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1295 or 1.1235.
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.
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 Trade 1

Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1388.
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.
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.

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

The price continued to fall slightly yesterday but then began to look as if it might have stabilized with a low at about 1.1350. However, it is selling off again, so a convincing break below yesterday’s low might see a move down to the nearest support level at 1.1295. There will be a very major USD release after London closes, so a very possible scenario is little movement all day until that time.

(Click on image to enlarge)

EURUSD