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 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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