EUR/USD Forex Signal - 13 October 2014

EUR/USD Signal Update

Last Wednesday’s signals expired without being triggered as the price did not reach 1.2712 during the London session that day.

Today’s EUR/USD Signals

  • Risk 0.75%

  • Entries only between 8am and 5pm London time.

 

Long Trade 1

  • Long entry following bullish price action on the H1 time frame after a first touch of 1.2500.

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

  • Move the stop loss to break even when the trade is 30 pips in profit.

  • Remove 50% of the position as profit when the trade is 30 pips in profit and leave the remainder of the position to ride ensuring there is no risk left in the trade.

 

Short Trade 1

  • Short entry following bearish price action on the H1 time frame after a first touch of 1.2759.

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

  • Move the stop loss to break even when the trade is 30 pips in profit.

  • Remove 50% of the position as profit when the trade is 30 pips in profit and leave the remainder of the position to ride ensuring there is no risk left in the trade.

EUR/USD Analysis

During the second half of last week the USD initially continued its pullback, and the EUR rallied a little, until we arrived close to 1.2800 before falling again. However we have been rising since the weekly open.

It is quite likely that this pair will chop around for a while if its downtrend does not resume. Note that we have had a few pauses for several days in this downtrend over recent months, so it is too early to assume anything.

There are no key levels before 1.2759 above and 1.2500 below.

EURUSD 101314

There are no high-impact data releases concerning either the EUR or the USD scheduled for today’s London session. It is a public holiday in the U.S.A. today. For these reasons it is likely to be a very quiet day 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.