EUR/USD Forex Signal - 21 January 2015

EUR/USD Signal Update

Yesterday’s signals were not triggered as the price never reached 1.1650.

Today’s EUR/USD Signals

Short Trade 1

• Go short after bearish price action on the H1 time frame immediately following the next touch of 1.1650.

• 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 2

• Go short after bearish price action on the H1 time frame immediately following the next touch of 1.1862.

• 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.

EUR/USD Analysis

I wrote yesterday that the most probable outlook was for a quiet day, and I was right: there was not much movement and the price did not hit any key levels. There is local support at around 1.1540, and this might hold before the run-up to the big news event due tomorrow. It is also unlikely that we will reach 1.1650 today. It will probably be another quiet day. The action is inconsequential, but with a bearish bias.

EUR/USD Analysis

There are no high-impact data releases scheduled today concerning the EUR. Regarding the USD, there will be a release of Building Permits data at 1:30pm 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.