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EUR/USD Forex signal April, 9 2015 - 9 April 2015

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 as there was no bullish price action when the price reached 1.0798.

Today’s EUR/USD Signals

Risk 0.75%

Trades must be taken before 5pm London time today.

Long Trade 1

• Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.0630.

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

• Adjust 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.

Short Trade 1

• Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.0800.

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

• Adjust 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

It should be quiet today before the FOMC release that will happen later after the London close. Usually under these conditions, clear support and resistance levels are respected. We already had the previously identified support at 1.0800 act as support overnight. Above there is more likely round number resistance at 1.0900 and again at 1.0950.

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There are no high-impact events scheduled later today concerning the EUR. Regarding the USD, at 1:30pm London time there will be a release of US Unemployment Claims data.

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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