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EUR/USD Forex Signal - 19 December 2017

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.

Yesterday’s signals were not triggered, as the bearish price action took place above 1.1806 but below 1.1848.

 

Today’s EUR/USD Signals

Risk 0.75%.

Trades must be entered between 8am and 5pm London time today only.

 

Long Trades

· Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1779 or 1.1750.

· Place 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.

· Remove 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

· Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1812 or 1.1848.

· 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.

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

 

The best method to identify a classic “price action reversal” is for an hourly candle to close, such as a pin bar, a doji, an outside or even just an engulfing candle with a higher close. You can exploit these levels or zones by watching the price action that occurs at the given levels.

 

EUR/USD Analysis

I was correct yesterday in forecasting the price would probably rise, and reach at least 1.1806. The upwards movement was quite sharp, but it eventually ran into resistance and the price sold off, until a new support level at 1.1779 was formed. The big picture has become less bearish and more bullish, as the dominant pattern has changed from a wide bearish channel to a consolidating triangle. This still does not give the bulls a clear run though, as there is plenty of resistance above – it just means that there not really a dominant direction. As such it looks as though fading the extremities would be the best approach to trading this pair today. In a few hours there will be a confluence between a supportive trend line and a key psychological level at 1.1750 which could be an interesting zone to watch for a bullish turn in the price.eurusd

There is nothing important due today concerning the EUR. Regarding the USD, there will be a release of Building Permits data at 1:30pm London time.

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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