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EUR/USD Forex Signal- June 25, 2014

EUR/USD Signal Update

Yesterday’s signals were not triggered and expired.

Today’s EUR/USD Signals

Risk 0.75%

Entries can only be made from 8am to 5pm London time today.

Long Trade 1

Go long at the first touch of 1.3487.

Place a stop loss at 1.3454.

Move the stop loss to break even when the price reaches 1.3520.

Remove 50% of the position as profit at 1.3520 and leave the remainder of the position to ride.

Short Trade 1

Go short following bearish price action on the H1 time frame after the first touch of 1.3687.

Place a stop loss 1 pip above the local swing high

Move the stop loss to break even when the price reaches 1.3632.

Remove 50% of the position as profit at 1.3632 and leave the remainder of the position to ride.

EUR/USD Analysis

I wrote yesterday that we are stuck in a narrowing triangle with a bullish inner trend line. Yesterday, the triangle and all the trend lines held almost perfectly. We will almost certainly get a breakout today. I would expect a bullish break out to be more likely and more reliable than a bearish one. However a break of the inner trend line should lead to a fall down to the outer bullish trend line which is currently at about 1.3525.

There are no significant price levels near us before 1.3487 and 1.3687. The lower level is far away enough to be worth a touch trade but a bullish breakout leading to 1.3687 should be shorted at that level with caution, i.e. only after bearish price action has printed.

The best way to trade any trend line breakouts is to wait for a pull back to the broken trend line and a failed retest, signifying a resumption of the direction of the breakout.

EURUSD 62514

There are no high-impact data releases scheduled for today that are expected to directly affect the EUR. Later at 1:30pm London time there will be a release of US Core Durable Goods Orders and Final GDP data, which may affect the USD. It might be a quiet morning 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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