EUR/USD Forex Signal - 23 August 2016

EUR/USD Signal Update

Yesterday’s signals were not triggered as neither of the key levels were reached.

 

Today’s EUR/USD Signals

Risk 0.75%.

Trades may only be entered before 5pm London time today.

 

Long Trade 1

* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1234.

* 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.

* 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 Trade 1

* Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1382.

* 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.

* 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

The pair continued its movement upwards with a fairly clean wave, but it was a bullish wave of low volatility and not very convincing. Nevertheless, the price has continued to rise during the Asian session that at the time of writing has just concluded, but may have climaxed already with the long bullish candle just after the London open which is not far from the recent swing high at around 1.1365.

There is a long-term bullish trend so the bias should be bullish, but we are in an area that has historically been very resistant, so it would not be a surprise if any rise was limited.

EURUSD

There is nothing 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.