EUR/USD Forex Signal - 19 November 2015

EUR/USD Signal Update

Yesterday’s signals were not triggered as there was no bearish price action when the price reached 1.0690. 

 

Today’s EUR/USD Signals

Risk 0.75%

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

Protect all open trades by 6:30pm London time.

 

Long Trade 1

* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.0550.

* Place 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.

* 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 1

* Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.0690.

* Place 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 price reaches 20 pips in profit and leave the remainder of the position to run.

 

Short Trade 2

* Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.0800.

* Place 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 price reaches 20 pips in profit and leave the remainder of the position to run

 

EUR/USD Analysis

The well-established downwards trend and channel continued yesterday, but volatility is low and getting lower as we now approach a very key announcement from the Federal Reserve due after London closes. The market will probably be fairly quiet until that time.

A clear break upwards above the nearest bearish trend line will be an early indication that the market is preparing to move upwards.

EURUSD

There is nothing due today regarding the EUR. Concerning the USD, there will be a release of Unemployment Claims data at 1:30pm London time, followed by the Philly Fed Manufacturing Index at 5pm.

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.