EUR/USD Forex Signal- July 15, 2014

EUR/USD Signal Update

Yesterday’s signals were not triggered as the price never reached either 1.3575 or 1.3687.

Today’s EUR/USD Signals

• Risk 0.75% equity.

• Entries must be made before 5pm London time today.

Long Trade 1

• Long entry following bullish price action on the H1 time frame after the first touch of 1.3575.

• Put a stop loss 1 pip below the local swing low.

• Adjust the stop loss to break even when the price reaches 1.3650.

• Remove 75% of the position as profit at 1.3650 and leave the remainder of the position to run.

Long Trade 2

• Long entry following bullish price action on the H1 time frame after the first touch of 1.3543.

• Put a stop loss 1 pip below the local swing low.

• 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

Nothing of any importance happened with this pair yesterday, as was expected from the total absence of high-impact news, and the fact that Mondays tend to be relatively quiet.

The price action at the moment suggests we may now be heading down to 1.3575, which could provide a good opportunity for a long trade.

The important price levels mentioned in the signals above remain intact. I put particular weight on 1.3543 and 1.3687.

EUR/USD

At 10am London time there is a release of German ZEW Economic Sentiment data. Later at 1:30pm there will be a release of US Retail Sales and Core Retail Sales data, and then at 3pm the Chair of the Fed will be testifying. Therefore today is likely to be at least a fairly active day for this pair.

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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