EUR/USD Forex Signal

14 June 2017 6:52:04 AM

By: DailyForex.com

Yesterday’s signals were not triggered as none of the key levels were ever reached.

Today’s EUR/USD Signals

Risk 0.75%.

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

Protect any open trade by 6:30pm.

Long Trade 1

  • Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1163.
  • 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

Ahead of the major FOMC release due after London closes today, the price is in both medium and short-term consolidation patters. The short-term is a triangle, shown in the chart below, while the medium term is the trap between 1.1163 and 1.1295. It is difficult to say which direction the price will ultimately go, but a break is likely to happen after the FOMC release later. Spikes to or beyond either of the key levels may also end as good “fade” trades. 

As the long-term trend is bullish and the short-term consolidation is close to support, I see a bullish move as slightly more probable later.EURUSD

There is nothing due today concerning the EUR. Regarding the USD, there will be a release of CPI and Retail Sales data at 1:30pm London time, followed by Crude Oil Inventories at 3:30pm. Finally, we will get the FOMC Statement, Federal Funds Rate, and Economic Projections at 7pm with the usual Press Conference half an hour later.

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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