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EUR/USD Signal- May 28, 2014

EUR/USD Signal Update

Yesterday’s signals were not triggered as the price never reached either 1.3555 or 1.3688.

Today’s EUR/USD Signals

Risk 0.75%

Entries must be made before 5pm London time today.

Long Trade 1

Long entry at the first touch of 1.3555.

Put a stop loss at 1.3520.

Adjust the stop loss to break even when the price reaches 1.3592.

Take off 50% of the position as profit at 1.3592 and leave the remainder of the position to run.

Short Trade 1

Short entry after bearish price action on the H1 time frame following a first touch of 1.3688.

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

Adjust the stop loss to break even when the price reaches 1.3655.

Take off 50% of the position as profit at 1.3655 and leave the remainder of the position to run.

Short Trade 2

Short entry at the first touch of 1.3748.

Put a stop loss at 1.3780.

Adjust the stop loss to break even when the price reaches 1.3700.

Take off 50% of the position as profit at 1.3685 and leave the remainder of the position to run.

EUR/USD Analysis

The price fell yesterday to very slightly exceed the recent low, before rising late in the London session to recover most of its losses. Overnight the price has barely moved.

This pair is likely to drift aimlessly for a while, until it can reach either 1.3555 or 1.3688. There may be minor support that would kick in at around the round number 1.3600. I don’t agree with my colleague Christopher Lewis, who thinks a break below 1.3600 would see us hitting 1.3500.

As it should be a quiet day, I would be very confident with the touch trades.

EURUSD Signal 52814

There are no important news releases scheduled today for either the EUR or the USD, so it is likely to be a fairly quiet day for this pair.

Adam Lemon
About 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.

 

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