Home Forex Signals EUR/USD Forex Signal: Very Bullish – DailyForex.com

EUR/USD Forex Signal: Very Bullish – DailyForex.com

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The Euro is one of the stronger currencies, so we have seen a firm bullish move here.

EUR/USD: Approaching multi-month high price

Yesterday’s signals were not triggered as there was no bearish price action when either of the identified resistance levels were reached.

Today’s EUR/USD Signals

Risk 0.75%.

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

  • Short entry immediately upon the next touch of 1.1517. 
  • Put 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 time frame immediately upon the next touch of 1.1354 or 1.1303. 
  • Put 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.

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EUR/USD Analysis

I wrote yesterday a break above 1.1303 was looking more likely and would probably cause another attempt at the long-term resistance at 1.1354. If the price could finally get established above 1.1354, it would signal a major, technically significant bullish breakout.

This was a great and accurate call as the price has broken above both levels, and at the time of writing, is testing 1.1354 from above as likely support.

The U.S. Dollar is extremely weak everywhere as sentiment grows that it is finally getting established within a long-term downwards trend. The Euro is one of the stronger currencies, so we have seen a firm bullish move here.

The price is close to breaking to a new multi-month high price near the 1.1400 handle. If that happens, then we could have the start of a major bullish trend here. However, it is also quite likely that the round number at 1.1500 is only going to be broken with some difficulty.

For today, we can say that bullish bounces at 1.1354 and 1.1303 will look like excellent long trade entry points. In the very unlikely event of the price hitting 1.1500 today, there will surely be some short pips from that number following such a spike.

EUR/USD

There is nothing of high importance scheduled today regarding either the EUR or the USD.

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