EUR/USD Forex Signal- Sept. 2, 2014

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By: DailyForex.com

 

EUR/USD Signal Update

Yesterday’s signals expired without being triggered. If you have an open short trade from last week, a good level to take profit could be 1.3081.

Today’s EUR/USD Signals

  • Risk 0.75% of equity.

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

Short Trade 1

  • Go short following a strong lower high after a major high once 1.3196 is broken to the up side.

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

  • Take off 75% of the position when profit is double risk and leave the remainder to ride.

Long Trade 1

  • Go long following bullish price action on the H1 time frame after the first touch of 1.3081.

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

  • Move the stop loss to break even when the price reaches 1.3100.

  • Take off 75% of the position as profit at 1.3143 and leave the remainder of the position to run.

EUR/USD Analysis

As expected, yesterday was a very quiet and inconsequential day. The daily candle was a doji that really gives no clues. The EUR is still weak but was not the major focus of the market yesterday. We have a supportive zone not far away that starts at 1.3081 so we might well pull back from there or somewhere a little below that. The obvious resistant area above is confluent with the whole number at 1.3200.

EURUSD 9214

There are no high-impact data releases scheduled today concerning the EUR. Later at 3pm, there will a release of U.S.A. ISM Manufacturing PMI data. Therefore the New York session is likely to be more active than the earlier part of the London session.

Adam is a Forex trader who has worked within financial markets for over 12 years, including 6 years with Merrill Lynch. He is certified in Fund Management and Investment Management by the U.K. Chartered Institute for Securities & Investment.