EUR/USD Forex Signal July 08 2015 - 8 July 2015

EUR/USD Signal Update

Yesterday’s signals were not triggered as there was no bullish price action at 1.0995.

Today’s EUR/USD Signals

Risk 0.75%
Trades may only be entered between 8am and 5pm London time today.
Ensure the risk is taken off all open trades by 6:30pm London time.

Short Trade 1

  • Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1116.
  • Place the stop loss 1 pip above the local swing high.
  • Move the stop loss to break even once the trade is 20 pips in profit.
  • Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.

Long Trade 1

  • Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of the trend line currently sitting just above 1.0900.
  • Place the stop loss 1 pip below the local swing low.
  • Move the stop loss to break even once the trade is 20 pips in profit.
  • Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.

EUR/USD Analysis

Yesterday it looked as if the price was finally breaking bearishly below the lower limit of the consolidating triangle at 1.1000. The price fell with momentum all the way down to about 1.0920 before coming back to trade above 1.1000 again.

The picture is uncertain, although there is a bearish wedge formation that points to a slight downwards bias. Watch a breakout above the inner trend line just above which could foreshadow a move all the way up to 1.1116.

Of course, trading this pair is fairly dangerous and unpredictable at the moment, although it seems like there will be no significant news about the Greek crisis before tomorrow (Thursday).

EUR/USD Signal

There is nothing due today regarding the EUR. At 7pm London time there will be a release of the FOMC Meeting Minutes.

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.