EUR/USD Forex Signal- August 27, 2014

By DailyForex | Updated August 27, 2014 AAA

By: DailyForex.com

EUR/USD Signal Update

Yesterday’s signals expired without being triggered as 1.3155 was not hit during the London session.

Today’s EUR/USD Signals

Risk 0.75% equity.

Entries may be made only between 8am and 5pm London time today.

Short Trade 1

Short entry following bearish price action on the H1 time frame after the first touch of 1.3228.

Put a stop loss 1 pip above the local swing high.

Adjust the stop loss to break even when the price reaches 1.3200.

Remove 50% of the position as profit at 1.3155 and leave the remainder of the position to ride.

Short Trade 2

Short entry following a strong lower high after the price exceeds 1.3214.

Put a stop loss 1 pip above the local swing high.

Take off 75% of the position when profit is twice risk and leave the remainder to ride.

EUR/USD Analysis

The strong downwards trend is still continuing. The USD and the EUR are respectively the strongest and weakest currencies right now, with the exception of the JPY which is arguably weaker than the EUR.

However very early this morning, the price bounced off the support level I identified in yesterday’s forecast at 1.3155. It would not be surprising if we now have a bullish pull back to the area above 1.3214, filling the weekend gap.

Once we get that high, the price is quite likely to fall again.

I do not want to risk a long from another retest of 1.3155, but that would be a logical area for a long trade.

EURUSD 82614

There are no high-impact data releases due today concerning either the EUR or the USD, so it likely to be a quiet day.

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