Today’s EUR/USD Signals
(Click on image to enlarge) Short Trade Ideas
Long Trade Ideas
The best method to identify a classic “price action reversal” is for an hourly candle to close, such as a , a doji, an outside or even just an engulfing candle with a higher close. You can exploit these levels or zones by watching the that occurs at the given levels. EUR/USD AnalysisIn my previous one week ago, I wrote that bulls were stuck right at the resistance level of $1.1104. It looked as if bulls would succeed in breaking this level, which could be a good long trade entry signal.This was a good though not very profitable call, but it still gave a few profitable long pips if followed.The technical position is basically bullish, or at least has a bullish bias, but it’s a quiet Monday will the US Dollar and major currencies likely to consolidate, even though there will be releases of manufacturing and services data in both the USA and the Eurozone.What stands out is the long-term weakness of the US Dollar, and the way the price has been consolidating just underneath the key resistance level at $1.1187, which looks likely to be today’s pivotal point.If we get two consecutive higher hourly closes above $1.1187, without significant upper wicks on the candlesticks, this could be an interesting long trade entry signal.Regarding the EUR and the USD, there will be releases of Flash Services and Manufacturing PMI data for both the USA, Germany, and France today.More By This Author:Weekly Forex Forecast – Sunday, Sept. 22BTC/USD Forex Signal: Lacking Obvious DirectionWeekly Forex Forecast – Sunday, Sept. 15
