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EUR/USD Forex Signal - 14 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 although the price did reach 1.0550 there was no bullish price action there.

Today’s EUR/USD Signals

Risk 0.75%

Trades must be entered before 5pm London time today only.

 

Long Trade 1

  • Long entry following a bullish price action reversal on the H1 time frame immediately upon the retest of the broken bearish trend line currently sitting at around 1.0460.

  • 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 1.0630.

  • 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

I wrote yesterday that the picture looks bearish and the pair has indeed continued to fall, albeit slowly. The action has been more or less straight down for a while and we may be due some kind of pull back. However increasing fears over an impasse in the Greek negotiations are leading to a perception of an increased probability in a Greek exit from the Euro, which is making the Euro stand out as a very weak currency right now. Therefore sudden news one way or another could have a big and immediate effect on the price here.

There is the same probably resistance above at 1.0630. There are no obvious horizontal support levels but there is a broken bearish trend line that acted as a launch pad before and might provide support again, giving a long opportunity.

EURUSD 41415

There are no high-impact events scheduled later today concerning the EUR. Regarding the USD, at 1:30pm London time there will be releases of Retail Sales and PPI data.

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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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