EUR/USD Forex Signal - Tuesday, July 11 -

EUR/USD Forex Signal – Tuesday, July 11

Jul 11, 2017Jeremy ParkinsonFinance0

Yesterday’s signals were probably not triggered as the bullish price action took place a little way below the support level identified at 1.1388.

Today’s EUR/USD Signals

Risk 0.75%.

Trades may only be entered before 5pm London time today.

Long Trades

Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1382 or 1.1295.

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.

Short Trade 1

Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of the bearish trend line which is currently sitting at about 1.1435.

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.

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 did very little yesterday, which is not surprising as it was Monday and there was no high-impact news scheduled for either currency. The only adjustment from yesterday is to move the likely closest support level down a little, by just a few pips. There is still a bullish pattern with recent new 1-year high prices being made. However, the trend line which was hit on Friday, shown at the top of the chart below is a very long-term bearish trend line which may hold the price within this historically very resistant area. I maintain a bullish outlook but am cautious of the trend line currently sitting at about 1.1435.