EUR/USD Forex Signal - 23 September 2014

EUR/USD Signal Update

Yesterday’s signals expired without being triggered.

Today’s EUR/USD Signals

Risk 0.75%

Entries must be made before 5pm London time only.

 

Long Trade

Go long following bullish price action on the H1 time frame following a first touch of 1.2750.

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

Adjust the stop loss to break even when the trade is 50 pips in profit.

Take off 25% of the position as profit when the trade is 50 pips in profit, and leave the remainder of the position to run.

 

Short Trade

Go short following bearish price action on the H1 time frame following a first touch of 1.3000.

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

Adjust the stop loss to break even when the trade is 50 pips in profit.

Take off 25% of the position as profit when the trade is 50 pips in profit and leave the remainder of the position to run.

EUR/USD Analysis

Typically for a Monday, yesterday was a fairly quiet day, although we did make a new yearly low only about 65 pips off the likely support at 1.2750. Although the downwards trend has slowed greatly over recent days, it is still happening and the flow is still down, albeit with a lot of pulling back and reluctance.

There is possible minor resistance at around 1.2930.

It might be that the support will kick in strongly some way before 1.2750. Look for some sudden upwards momentum off a new low.

This pair is not very interesting to trade between 1.2750 and 1.3000.

EURUSD 92314

There are no high-impact data releases scheduled for today that are will directly affect the USD. Regarding the Euro, there will be a release of French Flash Manufacturing PMI data at 8am London time followed by the German equivalent half an hour later. Therefore the early part of the London session is likely to be the most volatile period today for this pair.

 

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.