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EUR/USD Forex Signal - 23 May 2016

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.

Today’s EUR/USD Signals

 

Risk 0.75%

Trades must be taken from 8am to 5pm London time today only.

 

Long Trades

  • Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1173 or 1.1068.

  • 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.

  • Take off 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to run.

 

Short Trades

  • Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1234, 1.1258 or 1.1288.

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

  • Adjust the stop loss to break even once the trade is 20 pips in profit.

  • Take off 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to run

EUR/USD Analysis

This pair has been falling fairly strongly for almost three weeks now without any really meaningful pause. There is a long-term bearish trend line above that is not far away. We also have a triple tapped short-term bearish trend line.

It is more or less in the middle of its range over the past year or so, therefore there is no real true long-term trend.

The best scenario would be for the price to keep trying to rise, but finally failing convincingly at a confluence of the trend lines and perhaps also the key psychological level of 1.1250. This could provide enough bearish momentum to really send the price down for another leg.

Alternatively, a sustained break up above 1.1258 would be a bullish sign.

EURUSD

There are no high-impact events due today concerning either the EUR or the USD.

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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