somrat4030
Well-known member
Forex Forum Currency Trading Analysis and Forecast
Last Thursday's EUR/USD signal was not triggered as the bearish price action took place slightly above the resistance level I had identified at $1.1467.Today's EUR/USD Signals Risk 0.75%.
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of $1.1338, $1.1371, or $1.1394.
- Place 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.
- 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.
Long Trade Ideas
- Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of $1.1245 or $1.1195.
- 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.
- 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.
On the other hand, EUR/USD up on risk appetite
EUR/USD finally manages to post decent gains beyond 1.1300 the figure, leaving behind at the same time six consecutive daily pullbacks on Thursday.The better note in the risk-associated galaxy coupled with the ongoing corrective downside in the dollar helps the pair to extend the rebound from Wednesday's 16-month lows near 1.1260, always amidst declining yields on both sides of the Atlantic.
Absent releases in the euro docket, the focus of attention is expected to gyrate around speeches by ECB Board members F.Panetta, E.Fernandez-Bollo and P.Lane.
On the other hand, SENTIMENT DATA BEARISH FOR EUR/GBP
Turning to the near-term prospects for GBP, there are few indications yet that its strength may soon ebb away. IG client sentiment data for EUR/GBP, for example, show that 77.28% of retail traders are net-long, with the ratio of traders long to short at 3.40 to 1. The number of traders net-long is 19.34% higher than yesterday and 55.22% higher than last week, while the number of traders net-short is 3.88% higher than yesterday but 45.13% lower than last week.
Here at forum.forex, we typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests EUR/GBP may continue to fall. Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger EUR/GBP-bearish contrarian trading bias.
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