EUR/USD Forex Signal – 11 July 2018

By DailyForex

Yesterday’s signals produced a losing long trade entry following the bullish outside candlestick which rejected the support level identified at 1.1732.

Today’s EUR/USD Signals

Risk 0.75%.

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

Short Trade

— Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1759.

— 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 1.1680 or 1.1647.

— 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 it was hard to predict what this pair would do next, as the short-term bullish trend seemed to be in some danger. After initially appearing to hold as London opened, the support level at 1.1732 broke down, after new resistance was printed at 1.1759, so we have a more bearish picture now. However, we also have new support at 1.1700, so we are seeing new support as well as new resistance, which points to the start of a very uncertain phase of consolidation. This means that the price action is likely to be messy and unpredictable here today, and in the absence of any likely major news, it will probably be a very challenging day to make any money trading this currency pair. I have no directional bias now.

Concerning the EUR, the President of the ECB will be giving a very minor speech at 8amLondon time. Regarding the USD, there will be a release of Crude Oil Inventories data at 3:30pm.

This article provided by NewsEdge.