EUR/USD Forex Signal – 04 July 2018

Yesterday’s signals were not triggered, as there was insufficiently bearish price action at 1.1666.

Today’s EUR/USD Signals

Risk 0.75%.

Trades may only be taken between 8am and 5pm London time today, during the next 24-hour period.

Short Trade

— Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1732.

— 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 ride.

Long Trades

— Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1645 or 1.1596.

— 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 25 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

I wrote yesterday that the short-term picture looked a little more bullish than bearish but took no bias. I was right as the price did move up a little, printing new support at 1.1645 which has held, and the action still looks bullish. Due to the American holiday and absence of news, trading is likely to be very light today, so there probably will not be much movement. I think it is very likely the price will remain above the 1.1645 area today. I’m short-term bullish within a long-term bearish trend.

There is nothing important due today concerning either the EUR or the USD. It is a public holiday in the United States.

This article provided by NewsEdge.