EUR/USD Forex Signal- July 17, 2014

EUR/USD Signal Update

Yesterday's signals were not triggered. and expired as we did not form bullish price action during the London session at 1.3520.

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 between 1.3486 and 1.3500.

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

Adjust the stop loss to break even when the price reaches 1.3550.

Remove 50% of the position as profit at 1.3550 and leave the remainder of the position to run.

EUR/USD Analysis

I forecast yesterday that we would continue to move down and hit 1.3520. This is in fact what happened late yesterday and now we are reaching an area that is quite likely to be supportive enough to give a chance for a good long trade.

We have not really been below 1.3500 since last November and this area has been very supportive twice since then as can be seen from the daily chart below.

I think the best trade will come from waiting for the price to fall below 1.3500, and then going long when some bullish price action with momentum forms down there.

EURUSD 71714

There are no high-impact data releases due today concerning the EUR, although there are concerning the USD which might well have some impact upon this pair. At 1:30pm London time London time there will be a release of US Building Permits and Unemployment Claims data followed later by the Philly Fed Manufacturing Index at 3pm.

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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