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EUR/USD Forex Signal- July 3, 2014

EUR/USD Signal Update

Yesterday’s signals were not triggered and expired. Although the price did touch 1.3643, there was no sufficiently bullish price action to justify an entry before the London close.

Today’s EUR/USD Signals

An entry may only be made between 2pm and 5pm London time today.

Short Trade 1

Short entry following bearish price action on the H1 time frame after the first touch of 1.3748.

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

Adjust the stop loss to break even when the price reaches 1.3705.

Take off 75% of the position as profit at 1.3705 and leave the remainder of the position to run.

EUR/USD Analysis

Yesterday saw a fairly gentle falling off which continued with the news release early during the New York session. Some support was found as we fell to touch the bullish trend line I talked about yesterday at around 1.3643, but the support was not strong and we have now fallen below that trend line quite weakly, so it will probably now become irrelevant.

The US Non-Farm Payroll data will be released today one day earlier than usual due to the public holiday in the USA tomorrow. It would be foolish to enter any trades before that news release.

Unfortunately there are no obvious good support levels below us above 1.3500, so I am restricted to hoping the news releases will push the price up to 1.3748 and hope for a reversal there confirmed by price action.

EURUSD 7314

There are very high-impact data releases scheduled for today concerning both the EUR and the USD. At 12:45pm London time the EUR Minimum Bid Rate will be announced, followed by the US Non-Farm Employment Change, Unemployment Rate, Unemployment Claims, and Trade Balance data at 1pm. Then at 3pm there will be the US ISM Non-Manufacturing PMI. It is likely that from the time of the US data releases, the pair will be extremely volatile.

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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