My previous EUR/USD signal on 10th June was not triggered.
Today’s EUR/USD Signals
Top Forex Brokers
Risk 0.75%.
Trades may only be taken before 5pm London time today.
Short Trade Ideas
- Short trade entry following a bearish price action reversal on the H1 timeframe immediately upon the next touch of $1.1569 or $1.1671.
- 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.
- Take off 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to run.
Long Trade Ideas
- Long trade entry following a bullish price action reversal on the H1 timeframe immediately upon the next touch of $1.1481 or $1.1408.
- Put the stop loss 1 pip below the local swing low.
- Adjust 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 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.
EUR/USD Analysis
In my previous EUR/USD analysis one week ago, I thought that the EUR/USD currency pair was threatening to break down below the bearish head and shoulders neckline at $1.1361 if the US Dollar Index key support held. It did not hold, and the price rose to a new multi-month high instead of falling.
The technical picture has recently been bullish as the US Dollar continued to drop to new long-term lows, but the price has now retreated and is threatening to complete another bearish head and shoulders chart pattern, with the second shoulder forming as a rejection of the resistance level at $1.1569.
So, $1.1569 looks very likely to be pivotal. I would be comfortable entering a new long trade if the price gets firmly established above that level, but not before that.
Right now, the price action looks bearish, rejecting $1.1569.
I do not see the Iran/Israel war and possible US involvement having a big impact upon this currency pair. If the US does join in the attack on the Iranian nuclear program, it might boost the Dollar with a minor risk-off sentiment effect.
There is nothing of high importance due today regarding either the Euro or the USD.
Ready to trade our free Forex signals? Here is our list of the best Forex brokers in the world worth reviewing.