My previous EUR/USD signal on 23rd September was not triggered as none of the key support or resistance levels were reached that day. Today’s EUR/USD Signals
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 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 AnalysisIn my previous EUR/USD analysis last Monday, I wrote that the picture looked somewhat bullish, but that the price was consolidating below the key resistance level at $1.1187, which looked likely to be the day’s pivotal point.This wasn’t an especially good call, although the price remained below this level all day, without giving an entry opportunity from a rejection of this level.The picture has become somewhat more bullish still, with the price yesterday rising to trade at a fresh 1-year high above $1.1200, before falling back later during the New York session to close back in familiar territory below $1.1182.I see this area of resistance just below $1.1200 as a very strong pivotal point, and with the long-term bearish trend in the US Dollar, there must be a good chance of a bullish breakout.Therefore, I see the best potential opportunity today as a long trade entry following two consecutive hourly closes above $1.1182, without any significant upper wick on the second hourly candlestick.Regarding the USD, there will releases of Final GDP and Unemployment Claims data at 1:30pm London time today, while Fed Chair Powell will be giving a minor speech at 2:20pm. There is nothing of high importance due today concerning the Euro.More By This Author:EUR/USD Forex Signal: Consolidation Below $1.1187Weekly Forex Forecast – Sunday, Sept. 22BTC/USD Forex Signal: Lacking Obvious Direction
