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EUR/USD Signal- Jan. 30, 2014

By 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.

 

EUR/USD Signal Update

Yesterday’s signals were not triggered and expired.

Today’s EUR/USD Signal

Risk 0.50%.

Entry should be made between 8am and 5pm London time today only.

Long Trade 1

Enter long with a stop buy order at a next bar break of an hourly pin or engulfing bar after a first touch and rejection of 1.3583. The trade is invalidated once an hourly bar closes below this level.

Stop loss at the local swing low.

Move the stop loss to break even when the trade is 25 pips in profit and let it run. Take 75% of the position as profit at 1.3650.

Short Trade 1

Enter short with a stop sell order at a next bar break of an hourly pin or engulfing bar after a first touch and rejection of 1.3740. The trade is invalidated once an hourly bar closes above this level.

Stop loss at the local swing high.

Move the stop loss to break even when the trade is 25 pips in profit and let it run. Take 75% of the position as profit at 1.3685.

EUR/USD Analysis

The technical picture is conflicted and stagnant, meaning this pair is giving little opportunity. We are established in both a long-term bullish channel and a shorter-term bearish channel, as can be seen in the daily chart below:

EURUSD Signal 13014

As the direction is unclear, I am looking for both long and short trades with this pair. There is support flipped to resistance above at 1.3740 and resistance flipped to support below at 1.3583.

Yesterday's FOMC statement had little impact as it was exactly what the market expected. The trend is downwards and it looks as though we may well hit the support level today:

EURUSD h1 13014

There is no important news due today during the London session for the EUR. Concerning the USD, there is Advance GDP and Unemployment Claims at 1:30pm London time and then later Pending Home Sales at 3pm.

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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