EUR/USD Forex Signal – 13/12/18

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EUR/USD Forex Signal

 

Yesterday’s signals were not triggered, as there was no bearish price action at 1.1350.

Today’s EUR/USD Signals

Risk 0.75%.

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

CLICK HERE FOR FREE SIGNALS

Short Trades

  • Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1400 or 1.1445.
  • 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.
  • Remove 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to run.

Long Trades

  • Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1306 or 1.1256.
  • 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.
  • Remove 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.

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EUR/USD Analysis

I wrote yesterday that it looked as if the price was respecting technical levels which makes trading bounces at support and resistance probably the best strategy, with short trades likely to work best. I was at least partly wrong, as the price instead broke bullishly up past the first resistance level at 1.1350 which now looks to have been flipped by support. There is now a well-determined ranging environment in this pair and it looks as if the price is going to spend some time consolidating between 1.1300 and 1.1450. There is a slightly bullish short-term bias, but I still see any firm reversal off key levels as good places to look for trade entries. I have no directional bias.

There is nothing important due today concerning the USD. Regarding the EUR, the ECB will announce its Main Refinancing Rate at 12:45pm London time followed 45 minutes later by the usual press conference.

SOURCE: DAILY FOREX

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