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EUR/USD Forex Signal- June 30, 2014

EUR/USD Signal Update

Last Thursday’s signals expired without being triggered.

Today’s EUR/USD Signal

Risk 0.75%

Entry may only be made between 8am and 5pm London time today.

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 1.3650.

Remove 50% of the position as profit at 1.3650 and leave the remainder of the position to ride.

Long Trade 1

Go long at the first touch of the bullish trend line currently sitting at around 1.3528.

Place a stop loss at 1.3495.

Move the stop loss to break even when the price reaches 1.3563.

Remove 50% of the position as profit at 1.3563 and leave the remainder of the position to ride.

EUR/USD Analysis

The support at 1.3625 did not prove to be particularly significant over the past few days. However the short-term uptrend has held and the bullish trend line that has been underpinning that has proved to be significant. It was predictive in foreshadowing the bullish breakout that we had recently beyond a bearish trend line. This trend line is not relevant any more so I have deleted it from the chart.

Although the price action is bullish and continues to be bullish, it is fairly congested and we have not printed any new significant support or resistance levels, or indeed hit any older ones. It might be that 1.3581 could act as local support, but it seems fairly weak, although it is confluent with a GMT S3 pivot point today.

The support at 1.3487 is intact, as is the resistance at 1.3687.

My colleague Christopher Lewis also sees resistance at around the 1.3700 level.

EURUSD 63014

At 10am London time there will be the release of the Eurozone CPI Flash Estimate which may affect the EUR. Later at 3pm there will be a release of US Pending Homes Sales data, which may affect the USD. It could be a livelier Monday than is typical for this day of the week.

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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