EUR/USD Forex Signal - 6 January 2015

Adam Lemon
Adam Lemon
on January 06, 2015 | Updated On Jan 06, 2015

By: DailyForex.com

EUR/USD Signal Update

Yesterday’s signals expired without being triggered.

Today’s EUR/USD Signals

  • Risk 0.75%

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

 

Short Trade 1

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

  • 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 1.1875.

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

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

  • Take off 25% of the position as profit when the trade is 40 pips in profit and leave the remainder of the position to ride.

EUR/USD Analysis

The price has pulled back slightly but overall has not done very much. It is important to remember that we may have made a multi-year double bottom at the 1.1875 area. However, after a further pull back, we can try to trade with the trend downwards if the price starts to fall again. Unfortunately there are no interesting obvious levels between 1.1875 and 1.2122.

EURUSD 1615

There is a high-impact data release scheduled today concerning the USD, but nothing regarding the EUR. At 3pm London time, there will be a release of U.S. ISM Non-Manufacturing PMI 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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