Start Trading Now Get Started
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 - 29 December 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 Tuesday’s signal was not triggered as although the price did hit the trend line at 1.2220, it cut right through it without producing any bullish price action.

Today’s EUR/USD Signals

  • Risk 0.75%

  • Trades may only be made between 8am and 5pm London time.

Short Trade 1

  • Short entry after bearish price action on the H1 time frame immediately following the next touch of 1.2268.

  • 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 run.

Short Trade 2

  • Short entry after bearish price action on the H1 time frame immediately following the next touch of 1.2335.

  • 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 run.

Long Trade 1

  • Long entry after bullish price action on the H1 time frame immediately following the next touch of 1.2041.

  • Put the stop loss 1 pip below the local swing low.

  • Adjust the stop loss to break even once the trade is 40 pips in profit.

  • Remove 25% of the position as profit when the trade is 40 pips in profit and leave the remainder of the position to run.

EUR/USD Analysis

The bullish trend line that I wrote about early last week was, in the end, broken fairly easily. The picture looks bearish and there is no obvious support before a major historical multi-year low at 1.2041.

This has been the kind of December where the dominant trend just keeps on going instead of tailing off, so we might well get further falls in this pair during this week as we close out 2014. The USD is the strongest currency and the EUR one of the weakest, along with JPY and AUD. However today might be a quiet Monday, so do not be in a hurry to take a trade.

EURUSD 122914

There are no high-impact data releases scheduled today concerning the EUR or the USD. It is likely to be a quiet day for this pair.

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