Table of Contents
Affiliate Disclosure
Affiliate Disclosure DailyForex.com adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker's track record, plus the scope of regulatory standing. Major factors in determining the quality of a broker’s offer include the cost of trading, the range of instruments available to trade, and general ease of use regarding execution and market information.

EUR/USD Forex Signal - 24 November 2014

By Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.

EUR/USD Signal Update

Last Thursday’s signals expired without being triggered as although the price did reach 1.2562 during that day’s London session, there was no bearish breakdown off that price on the H1 chart following the first candlestick.

Today’s EUR/USD Signals

Risk 0.75%

Trades must be made before 5pm London time.

 

Short Trade 1

Go short following bearish price action on the H1 time frame immediately following the next touch of the broken lower triangle trend line currently sitting at around 1.2445.

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 trade is 20 pips in profit and leave the remainder of the position to ride.

 

Short Trade 2

Go short following bearish price action on the H1 time frame immediately following the next touch of 1.2500.

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 trade is 20 pips in profit and leave the remainder of the position to ride.

Long Trade 1

Go long following bullish price action on the H1 time frame immediately following the next touch of 1.2275.

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 trade is 20 pips in profit and leave the remainder of the position to ride.

EUR/USD Analysis

I wrote last Thursday that there is still a lot of big money shorting this pair and that resistance was intact at around 1.2562 and this was exactly the level that could not be broken and from which we fell sharply last Friday, as we broke very cleanly through the bottom of the descending triangle.

The multi-year low at 1.2356 that was established a few weeks ago has held but the price earlier did reach to within just a few pips of it, and the price has been quietly rising since then. It would not be surprising if we get some kind of pull back today. The nearest opportunity for another good short would probably come at a retest of the broken lower triangle trend line.

EURUSD 112414

At 9am London time there will be a release of German IFO Business Climate data which may affect the EUR. There are no high-impact data releases scheduled today that are directly relevant to the USD.

Adam Lemon
About Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.

 

Most Visited Forex Broker Reviews