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EUR/USD Forex Signal - 14 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 none of the key levels were reached before 5pm London time yesterday.

Today’s EUR/USD Signals

Risk 0.75%.

Trades must be taken 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 1.1806, 1.1775, or 1.1685.

  • 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 1.1848 or 1.1961.

  • 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

Yesterday’s FOMC release and rate hike counter-intuitively weakened the Dollar and gave this pair a chance to make a quick bullish move. This produced a breakout above the bearish trend lines which had been containing the price, although the zoomed-out chart below shows the price is still within a very wide but definitely bearish structure over the medium-term. There is no long-term trend. The former resistance at 1.1806 is now probable support.

There is major data due later for both sides of the pair, so we could see a lot of volatility before and after New York opens. In these relatively trendless conditions, fading fast moves which are then rejected at key levels is probably a good strategy. I have no directional bias.EURUSD

Concerning the EUR, there will be a release of the ECB’s Minimum Bid Rate at 12:45pm London time, followed by the ECB Press Conference at 1:30pm. Regarding the USD, there will be releases of Retail Sales and Unemployment Claims data at 1:30pm.

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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