My previous EUR/USD signal on 3rd April was not triggered, as there was no bearish price action when any of the resistance levels were reached.
Today’s EUR/USD Signals
Risk 0.75%.
Trades must be taken prior to 5pm London time today.
Short Trade Idea
- Short entry following a bearish price action reversal on the H1 timeframe immediately upon the next touch of $1.1120 or $1.1156.
- 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.
Long Trade Ideas
- Long entry following a bullish price action reversal on the H1 timeframe immediately upon the next touch of $1.1021, $1.0948, or $1.0879.
- 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.
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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 last Thursday, I thought that the EUR/USD currency pair was going to rise, and day traders should look for long trades from pullbacks.
This was a good, profitable call.
There is a dominant long-term bullish trend, although of course the high market volatility around the new US tariffs are sending prices into huge swings. The picture is more orderly here, despite the ongoing dispute between the EU and the USA.
Technically, we see the price having formed a bullish flag pattern, and we can see the price broke above the descending upper trend line with good bullish momentum.
The challenge for bulls will now be breaking above the resistance level at $1.1120 which is very confluent with the recent 5-month high price.
If the price can get established above $1.1120 later, it could rise much higher.
As a longer-term trend trader, I will be entering a long trade in this currency pair today if it ends the New York session above $1.1120 or following a bullish bounce off the support level at $1.1021.
There is nothing of high importance due today concerning the Euro. Regarding the USD, there will be a release of Fed Meeting minutes at 7pm London time.
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