EUR/USD Forex Signal - 2 September 2015

EUR/USD Signal Update

Yesterday’s signals were not triggered and expired.

Today’s EUR/USD Signals

 

Risk 0.75%

Trades may only be made between 8am and 5pm London time today.

 

Long Trade 1

  • Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1108.

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

  • Move the stop loss to break even once 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 run.

 

Long Trade 2

  • Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.0930.

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

  • Move the stop loss to break even once 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 run.

 

Short Trade 1

  • Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1363.

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

  • Move the stop loss to break even once 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 run.

EUR/USD Analysis

I expected 24 hours ago that this pair was going to find it hard to move up above 1.1300 and this proved to be the case. The price “wants” to move up, but it can’t as there is just too much resistance overhead. It now seems that the price can grind up slowly to reach levels above 1.1300 but it seems very likely to get stopped at or before 1.1363.

Below, there is a supportive zone that begins at about 1.1150 and stretches down to about 1.1108.

We will probably chop around a little until we get the USD news at the beginning of the New York session. If the news is a surprise, it could produce a significant move.

EURUSD signal

There is nothing due today regarding the EUR. Concerning the USD, there is be a release of ADP Non-Farm Employment Change data due at 1:15pm London time.

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.