EUR/USD Forex Signal- July 10, 2014

EUR/USD Signal Update

Yesterday’s signals were not triggered and expired as the price never reached either 1.3538 or 1.3687.

Today’s EUR/USD Signals

• Risk 0.75% equity.

• Entries only before 5pm London time today.

Long Trade 1

• Long entry at the first touch of the bullish trend line currently sitting at about 1.3539.

• Put a stop loss at 1.3490.

• Adjust the stop loss to break even when the price reaches 1.3570.

• Remove 25% of the position as profit at 1.3570 and leave the remainder of the position to run.

Short Trade 1

• Short entry following bearish price action on the H1 time frame after the first touch of 1.3687.

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

• Adjust the stop loss to break even when the price reaches 1.3630.

• Remove 75% of the position as profit at 1.3630 and leave the remainder of the position to run.

EUR/USD Analysis

Yesterday I mentioned that the candlestick price action suggested a continuing upwards move and that in fact is what happened yesterday, albeit in a fairly quiet and minor way. The FOMC minutes and Draghi’s speech towards the end of yesterday’s New York session had little effect. We touched 1.3650 shortly after the Frankfurt open this morning. This level has often acted as resistance and support so there is a chance that it may have been the high of today. However the price action does suggest that we will go up to around 1.3687, at which level I will begin to look for a short trade. In the unlikely event that we fall 100 pips today during the London session, the bullish trend line which is currently at about 1.3539 should make a good long touch trade.

My colleague Christopher Lewis also sees the price right now as essentially stuck in a no-man’s land.

EUR/USD

There are no high-impact data releases scheduled for today concerning the EUR. Regarding the USD, there will be a release of US Unemployment Claims data at 1:30pm London time, which might affect 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.
Learn more from Adam in his free lessons at FX Academy

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