EUR/USD Signal - April 17, 2014

Adam Lemon

 

EUR/USD Signal Update

Yesterday’s signals expired without being triggered as the price never reached either 1.3949 or 1.3751.

Today’s EUR/USD Signals

Risk 0.75%

Enter only before 5pm London time today.

Long Trade 1

Go long with a buy limit order at the first touch of 1.3751.

Place the stop loss at 1.3690

Move the stop loss to break even at 1.3788.

Take off 50% of the position as profit at 1.3840 and leave the remainder of the position to ride.

Short Trade 1

Go short with a sell limit order at the first touch of 1.3949.

Place the stop loss at 1.3983.

Move the stop loss to break even at 1.3915 and take 40% of the position as profit.

Leave the remainder of the position to ride.

EUR/USD Analysis

I mentioned yesterday that the bias was shifting to look a little bullish and we did in fact have a move up.

We are still a fairly long way from any important support or resistance levels and therefore I am prepared to take touch trades at either the resistance above us at 1.3949 or the support below us at 1.3751. Both of them look like they have some potential.

In the meantime we are quite likely to chop around, although the bias still looks bullish following yesterday’s bullish engulfing candle.

One cautionary note about the bullishness comes from the fact that we have still not filled the weekend gap, which is a bearish sign. As tomorrow and Monday are public holidays in both the USA and the UK, if this does not happen today it could be a bearish sign.

I do not expect that either 1.3751 or 1.3949 will be reached before next Tuesday.

EURUSD Signal 41714

There are no high-impact news releases due today concerning the EUR. At 1:30pm London time there is a release of US Unemployment Claims data, followed by the Philly Fed Manufacturing Index at 3pm. Therefore it is likely to be fairly quiet for this pair before the New York open.

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.
Learn more from Adam in his free lessons at FX Academy

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