EUR/USD Forex Signal - 24 December 2015

By: DailyForex.com

EUR/USD Signal Update

Yesterday’s signals were not triggered as there was no bullish price action at 1.0905.

 

Today’s EUR/USD Signals

Risk 0.75%

Trades may only be taken before 5pm London time today.

 

Long Trade 1

* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.0875.

* 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 price reaches 20 pips in profit and leave the remainder of the position to run.

 

Short Trade 1

* Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1000.

* Place 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 price reaches 20 pips in profit and leave the remainder of the position to run.

 

EUR/USD Analysis

It is Christmas Eve today so opportunities are likely to be limited.

Yesterday the price fell somewhat unexpectedly before finding support just below 1.0880. It is now well above 1.0930 as at the time of writing, and I don’t see significant resistance before 1.1000, so quite probably there will not be any good opportunities today. The traders in London usually start celebrating Christmas very early but there will be some US news later which might push the price around a little. Still it is unlikely that we will reach any key levels until next week.

EURUSD

There is nothing due today concerning the EUR, it is also a public holiday in Germany. Regarding the USD, there will be a release of Unemployment Claims 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.