EUR/USD Forex Signal - 7 June 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 1.1288 or 1.1258.

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.

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

Short Trades

No short trades today.

 

EUR/USD Analysis

Yesterday saw a very small range of price movement with nothing of significance happening except the invalidation of what had still appeared to be a key resistance level at 1.1361.

We now have a strong move up followed by a narrow consolidation. Nothing has really happened to change market sentiment despite Janet Yellen’s speech yesterday as the crucial economic data does not change.

It looks as if this pair is going to go higher, but will probably need to pull back first to something like 1.1300 or possibly even lower, which could provide a good opportunity to go long.

There are no crucial resistance levels anywhere close by, but the whole area above 1.1400 might prove to be resistive. This means that a strong rise is quite possible but it remains important not to be overconfident that it could not turn around.

EURUSD

There is nothing due today concerning either the EUR or the USD.

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.