EUR/USD Forex Signal For January 13, 2016

EUR/USD Signal Update

Yesterday’s signals provided a losing long trade off the bullish bounce from the anticipated support at 1.0834.

Today’s EUR/USD Signals

Risk 0.75%

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

Long Trade 1

* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.0800.

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

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

Long Trade 2

* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.0772.

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

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

Long Trade 3

* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.0708.

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

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

Short Trade 1

* Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.0940.

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

EUR/USD Analysis

I was wrong yesterday to see a retest of 1.0940 as the more likely scenario as instead we had a move down to the anticipated support at 1.0835 which failed to hold. The level might now act as minor resistance but I would not be looking to take any trades off it. Instead a bullish bounce off 1.0800 looks to be the most probable good trade set up that might present itself today. In any case I see opportunities as probably limited with this pair as the moves are quite small, although it would not surprise me to see 1.0800 and 1.0940 to hold for a while longer.