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EUR/USD Forex Signal - 19 January 2015

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 signal expired without being triggered.

Today’s EUR/USD Signals

Short Trade 1

  • Go short after bearish price action on the H1 time frame immediately following the next touch of 1.1650.

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

 

Short Trade 2

  • Go short after bearish price action on the H1 time frame immediately following the next touch of 1.1860.

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

EUR/USD Analysis

The pair fell very strongly on Thursday and Friday after a sharp pull back on Wednesday that drove the price up above 1.1800. At one point late last week the price even got well below 1.1500, before rising with a fairly strong bounce. It would seem logical that 1.1500 would be fairly supportive, but due to the high volatility and turbulence unleashed by the uncapping of the CHF by the Swiss National Bank last Thursday, it is hard to see supportive levels holding with any precision. There is no real obvious probably support before the area at around 1.10, and it is widely expected that this pair has further to fall.

Due to the strong downwards trend and bias, and the absence of obvious support, it makes sense to look for short opportunities at previously flipped level. The first such level that we have above us is a nice round number at 1.1650. Above that, there is 1.1860.

EURUSD 11915

There are no high-impact data releases scheduled today concerning either the EUR or the USD. It is a public holiday in the USA. Therefore it is likely that today will be a relatively quiet day for this pair, especially after 1pm London time.

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.

 

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