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EUR/USD Forex Signal - 15 April 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 although the price reached 1.0630 there was no bearish price action there.

Today’s EUR/USD Signals

Risk 0.75%

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

 

Long Trade 1

  • Go long following a bullish price action reversal on the H1 time frame immediately upon the retest of the broken bearish trend line currently sitting at around 1.0440.

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

  • 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 run.

 

Short Trade 1

  • Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.0711.

  • Put 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 run.

EUR/USD Analysis

Yesterday’s action was quietly bearish until the release of weak U.S. data sent the USD and this pair’s price flying up past 1.0700, to just a few pips short of a key inflection that was previously supportive at 1.0711. This looks to be established now as a key resistance level. The price has been falling off this high and the next short-term direction of this pair appears to be uncertain. I remain bearish overall but the next move will probably be determined by what the ECB has to say later today.

EURUSD 41515

There are high-impact events scheduled later today concerning the EUR, but not the USD. At 12:45pm London time there will be a release of the Minimum Bid Rate for the Euro, followed at 1:30pm by an ECB Press Conference.

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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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