EUR/USD Forex Signal - 16 December 2014

Adam Lemon

By: DailyForex.com

EUR/USD Signal Update

Yesterday’s signals were not triggered and expired.

Today’s EUR/USD Signals

  • Risk 0.75%

  • Trades must be made before 5pm London time.

 

Short Trade 1

  • Go short after bearish price action on the H1 time frame immediately following the next touch of 1.2503.

  • 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 trade is 20 pips in profit and leave the remainder of the position to ride.

 

Short Trade 1

  • Go short after bearish price action on the H1 time frame immediately following the next touch of 1.2564.

  • 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 trade is 20 pips in profit and leave the remainder of the position to ride.

 

Long Trade 1

  • Go long after bullish price action on the H1 time frame immediately following the next touch of 1.2361.

  • 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 25% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.

 

Long Trade 2

  • Go long after bullish price action on the H1 time frame immediately following the next touch of 1.2342.

  • 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 25% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.

EUR/USD Analysis

We have now produced two consecutive daily inside candles, which is a fairly rare occurrence. The price has been consolidating strongly between about 1.2500 and 1.2375. Therefore although the support and resistance levels the price is currently trapped between are strong, there is a possibility of a strong breakout beyond them too.

EURUSD 121614

There are high-impact data releases scheduled today directly concerning the EUR but nothing regarding the USD. At 8am London time there will be a release of French Flash Manufacturing data followed by the German data half an hour later. Then at 10am there will be a release of German ZEW Economic Sentiment. The first half of the London session is likely to see most activity.

About the Author
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.
Learn more from Adam in his free lessons at FX Academy

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