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EUR/USD Gives Potential First Push Up – Forex Daily Analysis 1/14/16

January 14
01:10 2016

EUR/USD Gives Short Term Reversal Signs

With our criteria for market cycle, the EUR/USD was just shy of giving a first push to the upside. Although I do favor the continued push up today, I will keep the directional bias open. We do have some lower levels that are within close proximity to the price but our upper levels are quite a ways out. At this point I’m keeping an eye on the 1.0860 area as the short term line in the sand. As long as we can hold that level or only create short term breaks of it then further upside is likely. A break and hold below that level will likely have us testing the 1.0800 lows.

EUR/USD Chart - January 14th 2016

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The Pound Finally Manages To Stop Bleeding

The GBP/USD finally stopped bleeding and went sideways for a change. At this point the analysis of the Pound is about as simple as it gets. The bottom line is don’t be a sucker and trade from within the range. Those that trade within the range make the broker rich. The liquidity is on the outside of the range and therefore any valid stop run will need to come from the extreme as seen in the chart below. Like the Euro, I do not have a directional bias for the Pound today which keeps us open to take any valid stop run from any of the pre-selected manipulation points that are listed.

GBP/USD Chart - January 14th 2016

Forex News For January 14th 2016

UK Interest Rate Decision and Asset Purchase Facility 7:00 AM Eastern: Like most of the UK rate decisions this will probably be a snoozer with everything expected to remain unchanged. With that being said, any surprise on either item will have a profound and immediate effect on the price. Either way I will be avoiding this release like I do all rate decisions….for those of you who like to gamble this one is all yours:)

-Sterling

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About Author

Sterling Suhr

Sterling Suhr

Hey everyone, my name is Sterling Suhr. You and I more than likely have quite a bit in common when it comes to Forex trading. Like most, I started trading Forex and thought it would be rather easy.Everything I read said it would make you profitable so why wouldn't I believe it Forex trading was easy? The unfortunate part is that belief, and the hope that goes along with it pushed me into buying every scam Forex product there was. I've tried every EA, software, strategy, chart pattern, candle pattern, signal service, etc, all with negative results. The bottom line is mainstream Forex trading strategy will continue to fail retail traders. It wasn't until I realized this point did I begin to see success.On a personal note I currently reside in South Western Michigan. I personally love this part of the country and enjoy having a taste of all four seasons. I was recently married in May of 2012 and Chad has given me a stiff warning to not have children:) As a personal hobby I enjoy aviation and really anything to do with the outdoors.

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