EUR/USD Forex Signal

07 June 2017 7:17:31 AM

By: DailyForex.com

Yesterday’s signals were not triggered as neither of the key levels were reached.

Today’s EUR/USD Signals

Risk 0.75%.

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

Long Trades

  • Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1234 or 1.1205.
  • 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 1.1295.
  • 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

EURUSD

There is nothing due today concerning the EUR. Regarding the USD, there will be a release of Crude Oil Inventories at 3:30pm London time.

Adam is a Forex trader who has worked within financial markets for over 12 years, including 6 years with Merrill Lynch. He is certified in Fund Management and Investment Management by the U.K. Chartered Institute for Securities & Investment. Learn more from Adam in his free lessons at FX Academy.

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