EUR/USD Forex Signal - 21 December 2016

EUR/USD Signal Update

Yesterday’s signals were not triggered as none of the key price levels were ever reached, although the price did come extremely close to the support level at 1.0350.

 

Today’s EUR/USD Signals

Risk 0.75%.

Trades must be taken between 8am and 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 1.0350 or 1.0300.

* 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 1.0468.

* 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

Yesterday was a case of a move down during the first half of the London session, then a turn very close to the support level at 1.0350 and a rise during the New York session back up to the swing high at 1.0418. This level is acting as a flipped resistance level but looks a little unreliable. Therefore, I still see the important levels the same as I did yesterday, at 1.0468 and 1.0350.

The line at 1.0418 should be used as more of an indicative pivot.

EURUSD

There is nothing due today regarding the EUR. Concerning the USD, there will be a release of Crude Oil Inventories data at 3:30pm 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.