There is a minor bullish retracement after a new 19-year low.

My previous EUR/USD signal on 22^nd June was not triggered as there was no bearish price action when the price first reached the resistance level which I had identified at $1.0540.

Today’s EUR/USD Signals

Risk 0.75%.

Trades must be taken prior to 5pm London time today only.

• Short entry following a bearish price action reversal on the H1 timeframe immediately upon the next touch of $1.0280.
• 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 $1.0200, $1.0150, $1.0100, or $1.0050.
• 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.

EUR/USD Analysis

In my last analysis of the EUR/USD currency pair more than two weeks ago, I found it very hard to forecast the likely direction of the price. Things have changed a lot since then, especially over the past two days, which have seen the Euro plummet against the USD. The US Dollar is reaching long-term record highs, while EUR/USD has made new 19-year lows two days in a row.

There is a strong bearish trend.

It is significant that the Euro fell strongly again yesterday, even after most other currencies started to perform better against the USD. This suggests a particular weakness in the Euro.

Technically, there is a very strong long-term bearish trend, and the price is trading in blue sky at levels which have not been reached for many years. Volatility is high. These factors suggest that the odds remain with the bears and that we are most likely to see yet lower prices over the coming days.

We are currently seeing a small bullish retracement which is not unusual. The closest key level is support at $1.0200. If this does not hold up, this will be the first sign of another downwards movement on its way.

The only key support levels I see are potentially at half or whole numbers.

I think the best approach here will remain looking for short trades. A reversal at $1.0280 would be an ideal set up but it may be that the quarter-number at $1.0250 could also be a significant level and produce a firm bearish reversal.

I will not take a long trade in this currency pair today.

There is nothing of high importance due today regarding either the EUR or the USD, although there will be releases of EU Economic Forecasts and comments from Fed members later which could cause some price movement.

DOGE/USD remains within the lower elements of its long-term trading range, and its slight fluctuations in value can produce big betting results for gamblers.

DOGE/USD has no utilitarian necessity in the cryptocurrency world, except it acts as an excellent way to gauge sentiment among speculators and as a betting device.  Trading volumes have dropped substantially in Dogecoin, and this is an important signal that a large amount of bettors who have been drawn to DOGE/USD in the past may not have the extra cash needed anymore to wager on its results.

DOGE/USD has been trading under the 10 cents mark since the 11^th of May, and there are few signals which suggest Dogecoin is suddenly going to burst higher and climb above this mark in the short term.  As of this writing DOGE/USD is trading slightly below the 8 and a half cent mark.  Dogecoin is traversing prices that it has not sincerely traded since the first week of April in 2021.

If Dogecoin were to sink lower and move to the remarkable price of six cents it would then be trading values seen in March of 2021. Intriguingly, DOGE/USD has not hit values which were demonstrated before its exuberant rampage higher started in December of 2020 and January 2021, this when DOGE/USD was trading for essentially less than a cent.

On the 26^th of May, DOGE/USD did hit the 7 and half cent mark before exhibiting a reversal higher which than managed to very briefly hit the 9 cents level on the 27^th.  Technically interesting is that during the flourish higher a few days ago, DOGE/USD witnessed a sincere amount of trading near the 8 and half cents mark which has become resistance.  

Speculators who believe upside momentum can be attained should keep their goals realistic and perhaps not aim for massive moves higher. The use of take profit orders to cash out sudden winnings if they emerge is highly recommended. Fractional moves in DOGE/USD can produce massive results depending on the amount of leverage used, these results can be costly too if the market goes against the speculator’s chosen direction. Looking for values above 9 cents for the moment may be unrealistic.

The broad cryptocurrency market remains in a bearish long term trend, and betting against this downward momentum can prove dangerous. Speculators looking for headwinds to continue and who wager on further declines cannot be blamed. If the 8 and half cents mark for DOGE/USD cannot be toppled and sustained, there is reason to suspect the 8 cents level could become a target and possibly vulnerable near term.

Dogecoin Short-Term Outlook

Current Resistance: 0.08690000

Current Support: 0.08270000

High Target: 0.08880000

Low Target: 0.07860000