DailyForex
Forex Reviews & News
EUR/USD Forex Signal
10 August 2017 7:20:33 AM
By: DailyForex.com
Yesterday’s signals were not triggered as there was insufficiently bullish price action at 1.1723.
Today’s EUR/USD Signals
Risk 0.75%.
Trades may only be entered before 5pm London time today.
Long Trades
· Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1723 or 1.1650.
· 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
· Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1818.
· 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.
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
The previous day has seen a continuing story of “safe-haven” currencies strengthening and everything else weakening, with the U.S. Dollar included within the safe-haven currencies. However, the Euro also continues to hold up better against a resurgent dollar than most other currencies, which is a sign that the Euro still has underlying strength, and that when the Dollar starts selling off again, the Euro will be likely to be one of the major beneficiaries. The support at 1.1723 is still holding, but if it breaks, we should see a sharp fall to at least 1.1650 as a lot of stops would probably be triggered.
EURUSD
There is nothing due today concerning the EUR. Regarding the USD, there will be releases of PPI and Unemployment Claims data at 1:30pm London time.
Currency PairsEUR/USD
Adam Lemon
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.
Daily Market Analysis
Gold Rises as North Korea Tensions Persist
USD/JPY and AUD/USD Forecast
SP 500 and NASDAQ 100 Forecast
WTI Crude Oil and Natural Gas Forecast
EUR/USD and GBP/USD Forecast
Gold Market Update - Gold prices are higher in U.S. trading
Read More: Forex News | Technical Analysis | Fundamental Analysis
DailyForex Newsletter
Sign up to get the latest market updates and free signals directly to your inbox.
Email:
SUBMIT
Learn More
0 User Reviews
Registration is required to ensure the security of our users. Login via Facebook to share your comment with your friends, or register for DailyForex to post comments quickly and safely whenever you have something to say.
Log in | Create a DailyForex.com Account Now
Adam Lemon
Trading Mind Blog
By Adam Lemon
About Us | Contact Us
Stay Updated!
Also Available on
DailyForex.com iOS app DailyForex Android App
Risk Disclaimer
© DailyForex All Rights Reserved 2006-2017