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EUR/USD Forex Signal - 20 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

Yesterday’s signals were not triggered as the price never reached 1.1650.

Today’s EUR/USD Signals

Short Trade 1

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

  • 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 1.1862.

  • 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.

EUR/USD Analysis

I wrote yesterday that we have no obvious strong support above the 1.1000 area, and obvious resistance above at 1.1650. The price did not get very close to this level yesterday, falling from about 1.1620, so it is advisable to wait for another attempt to rise and see if there will be an opportunity to get short off a bounce from 1.1650.

There is some news this morning that might push the price up to 1.1650; however it is quite probable that today will be another quiet day for this pair, with the real opportunities coming later this week with the ECB announcement due on Thursday.

EURUSD 12015

There is a high-impact data releases scheduled today concerning the EUR, but nothing regarding the USD. At 10am London time, there will be a release of German ZEW Economic Sentiment data which may affect the EUR.

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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