EUR/USD Forex Signal: Significant Resistance at $1.0121

[ad_1]

ECB meeting this Thursday will be important for the EUR.

My previous EUR/USD signal last Tuesday could have produced gave a profitable long trade from the support level I had identified at parity ($1.0000).

Today’s EUR/USD Signals

Risk 0.75%.

Trades must be taken before 5pm London time today.

  • Short entry following a bearish price action reversal on the H1 timeframe immediately upon the next touch of $1.0121 or $1.0221.
  • 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.
  • Remove 50% of the position as profit when the price reaches 50 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 $1.0073, $1.0042, or $1.0000.
  • 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.
  • 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.

Advertisement

EUR/USD Analysis

In my last analysis of the EUR/USD currency pair on Tuesday last week, I noted the extremely bearish technical picture, so I thought that the price should be able to continue to move down easily.

I saw a potential short trade opportunity from pullbacks that then revert into the trend (especially in the $1.0050 area) but was watching out for a bullish reversal at or below parity.

This was a good call at least insofar as my warning about a potential bullish reversal from the parity level, although the price did break below $1.0000 later in the week.

The technical picture is now much less bearish as we are seeing a bullish over and under pattern with Friday’s low near the support at $1.0000. However, bulls are now facing very strong resistance at $1.0121 which is a major inflection point within the dramatic last week of trading.

This level at $1.0121 looks attractive for a short trade entry if it is reached and if there is a reversal there. On the other hand, if the price gets down to parity again, there seems to be strong buying at and below $1.0000, so that could be an interesting level for a long trade.

If the price gets established above $1.0121 later, that will signify a much deeper bullish retracement into the long-term bearish trend, and a potential trend reversal. The parity level is very significant.

EUR/USD

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

Ready to trade our free trading signals? We’ve made a list of the best brokers to trade Forex worth using.

[ad_2]

Bir cevap yazın

E-posta hesabınız yayımlanmayacak. Gerekli alanlar * ile işaretlenmişlerdir

Risk uyarısı: Fark Sözleşmeleri ("CFD'ler") ile işlem yapmak yüksek düzeyde risk taşır ve tüm yatırımınızın kaybedilmesine neden olabilir. Bu nedenle CFD'ler her yatırımcı için uygun olmayabilir. Kaybetmeyi göze alamayacağınız parayla yatırım yapmamalısınız. Ticaret yapmaya karar vermeden önce, CFD ticaretiyle ilgili tüm risklerin farkında olmalı ve bağımsız ve uygun lisansa sahip bir finansal danışmandan tavsiye almalısınız. Hiçbir koşulda, (a) CFD'lerle ilgili herhangi bir işlemin neden olduğu, bu işlemlerden kaynaklanan veya bunlarla ilgili olan kısmen veya tamamen herhangi bir kayıp veya hasar veya (b) herhangi bir doğrudan, dolaylı, özel, sonuçsal veya arızi hasarlar. CFD ticaretiyle ilgili riskler hakkında daha fazla bilgi için lütfen 'Ürün Açıklamamızı' bulun ve okuyun.


Lütfen bu web sitesinin tek resmi web sitesi olduğunu unutmayın; lütfen İnternet araması veya reklam yoluyla diğer klon web sitelerine girmeyin.


© 2011 - 2024 ECXTrader.com. All Rights Reserved.

tr_TRTurkish