EUR/USD Forex Signal- Sept. 11, 2014

EUR/USD Signal Update

Yesterday's Signal 1 was triggered (short after break of 1.2959) and produced some profit, but it would be a good idea to close out any open short trades now.

Today’s EUR/USD Signals

Risk 0.75% of equity.

Entries only after 8am and before 5pm London time today.

 

Short Trade 1

Short entry following a strong lower high after a major high once 1.2964 is broken to the up side.

Put a stop loss 1 pip above the local swing high.

Remove 75% of the position when profit is double risk and leave the remainder to ride.

Short Trade 2

Short entry following a strong lower high after a major high once 1.3000 is broken to the up side.

Put a stop loss 1 pip above the local swing high.

Remove 75% of the position when profit is double risk and leave the remainder to ride.

EUR/USD Analysis

Yesterday I noted a potential short opportunity if we failed to convincingly break some recent daily highs, and that opportunity did arise yesterday. As expected we have now entered a small period of consolidation. That may change today as we have some U.S. Data later and an ECB speech tonight. The key support and resistance levels have not changed and are shown in the daily chart below..

EURUSD 911114

There are high-impact events scheduled today concerning both the EUR and the USD. At 1:30pm London time there will be a release of U.S. Unemployment Claims data. Later after the London sessionn, the President of the ECB will be speaking. Today should be more active than recent days have been, particularly during the New York session.

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.