Last Thursday’s signals were not triggered, as the price was already above 1.1800 at the London open.
Trades may only be taken before 5pm London time today during the next 24-hour period.
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1875 or 1.1897.
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1792 (if the level survives as support into the London open) or 1.1732.
I wrote last Thursday that if the price could get established above 1.1800 soon, then I would have a bullish bias. The price did get above 1.1800 but ended up going nowhere for the rest of the day, before pulling back further on Friday. However, the action still looks relatively bullish.
There is strong short-term bullishness on the Euro, against the long-term trend, because the market is now focusing on the possibility that the ECB will soon end its long-run quantitative easing (i.e. money printing) program, which all else remaining equal, is bullish for the Euro. This pair is at the heart of the Forex market’s focus right now.
I had thought that the price had room to rise further above 1.1800 but looking at a long-term chart it can be seen the area around 1.1850 has been pivotal, so the price may struggle to rise higher than that. If the price can get beyond 1.1875 it would be a very bullish sign suggesting that the long-term bearish trend has reversed.
I have a cautiously bullish bias today if the price can hold above 1.1792 in the hour following the London open.