EUR/USD Forex Signal - 12 May 2015

Adam Lemon

EUR/USD Signal Update

Yesterday’s signals expired without being triggered.

Today’s EUR/USD Signals

Risk 0.75%

Trades may only be made between 8am and 5pm London time today only.

 

Long Trade 1

  • Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1072.

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

  • 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 ride.

 

Long Trade 2

  • Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of the bullish trend line currently sitting at around 1.1037..

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

  • 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 ride.

 

Long Trade 3

  • Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1013.

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

  • 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 ride.

EUR/USD Analysis

Little happened on the chart yesterday, although looking at the bigger picture shows that we just might have made a new bottom in the upwards trend, although there is right now some minor resistance at around 1.1200. My bias is slightly bearish but a period of consolidation is quite likely. There are several supportive levels not far below recent lows that are likely to fuel another upwards move if reached today.

EURUSD 51215

There are no high-impact events scheduled today concerning either the EUR or the USD.

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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