EUR/USD Forex Signal - 13 April 2016

EUR/USD Signal Update

Yesterday’s signals were not triggered.

Today’s EUR/USD Signals

Risk 0.75%

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

 

Long Trades

  • Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1337 or 1.1302.

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

  • Move the stop loss to break even once the trade is 20 pips in profit.

  • Take off 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to ride.

 

Short Trade 1

  • Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1559.

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

  • Move the stop loss to break even once the trade is 20 pips in profit.

  • Take off 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to ride.

EUR/USD Analysis

I wrote yesterday that it is very hard for the price to remain above 1.1420 or so and this is exactly what happened again, with the price falling quite hard after attempting to break out above the top of the bullish channel. At the time of writing, the price is resting on the lower edge of this channel, and looks as if it is quite probably going to break down further.

There is still a clear long-term bullish trend, so any pullbacks to key resistances should be good opportunities to seek long trade entries.

EURUSD

There is nothing due today regarding the EUR. Concerning the USD, there will be releases of Retail Sales, Core Retail Sales and PPI data at 1:30pm London time, followed by Crude Oil Inventories at 3:30pm.

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.