EUR/USD Forex Signal - 15 January 2015

Adam Lemon
Adam Lemon
on January 15, 2015 | Updated On Jan 15, 2015

By: DailyForex.com

EUR/USD Signal Update

There is no outstanding signal.

Today’s EUR/USD Signals

Short Trade 1

  • Short entry after bearish price action on the H1 time frame immediately following the next touch of 1.1893.

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

EUR/USD Analysis

In my last analysis a couple of days I ago I wrote that short is still a better bet than long and overall I have been right, as the pair continued to trend dwnwards, despite making a short-term fouble bottom at 1.1750 that looked supportive. That double bottom has been broken with a new low of around 1.1725. This area might of course still prove to form key support but there are no strong signs confirming this. Meanwhile, the key resistane overhead at 1.1893 remains untested and intact, suggesting the downward trend survives and offering a good level at which to look for a short trade.

EURUSD 11515

There are high-impact data releases scheduled today concerning both the EUR and the USD. At 1:30pm London time there will be releases of U.S. PPI and Unemployment Claims data, followed by the Philly Fed Manufacturing Index at 3pm. Later at 4:15pm, the President of the German BUBA will be speaking. Therefore the New York session will probably see this pair quite active.

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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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