EUR/USD Forex Signal - 5 January 2015

Adam Lemon
Adam Lemon
on January 05, 2015 | Updated On Jan 05, 2015

By: DailyForex.com

EUR/USD Signal Update

Last Wednesday’s signals were not triggered and expired.

Today’s EUR/USD Signals

  • Risk 0.75%

  • Trades may only be entered between 8am and 5pm London time.

 

Short Trade 1

  • Short entry after bearish price action on the H1 time frame immediately following the next touch of 1.2122.

  • 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.

 

Long Trade 1

  • Long entry after bullish price action on the H1 time frame immediately following the next touch of 1.1875.

  • Put the stop loss 1 pip below the local swing low.

  • Adjust the stop loss to break even once the trade is 40 pips in profit.

  • Remove 25% of the position as profit when the trade is 40 pips in profit and leave the remainder of the position to run.

EUR/USD Analysis

The pair made a sharp move down last Friday as the market opened for the New Year, driven mainly by weakness in the EUR. When the market opened last night with a gap down the price then fell very quickly to make a new near ten year low, before rebounding quickly. This suggests that we will probably see a choppy week as the price struggles to find its level, but confirms that the low from 2010 is quite likely to be supportive if and when it is reached again. There is no obvious resistance before 1.2122 and we are currently quite far from this price.

EURUSD 1515

There is a high-impact data release scheduled today concerning the EUR, but nothing regarding the USD. At some unknown time, there will be a release of German Preliminary CPI data.

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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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