EUR/USD Forex Signal- August 28, 2014

By DailyForex | Updated August 28, 2014 AAA

By: DailyForex.com

EUR/USD Signal Update

Yesterday’s signals were not triggered and expired.

Today’s EUR/USD Signals

Risk 0.75% of equity.

Entries must be made before 5pm London time today only.

 

Short Trade 1

Go short following bearish price action on the H1 time frame after the first touch of 1.3228.

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

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

Take off 50% of the position as profit at 1.3155 and leave the remainder of the position to run.

 

Short Trade 2

Go short following a strong lower high after a major high.

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

Remove 75% of the position when profit is twice risk and leave the remainder to run.

 

Long Trade 1

Go long following bullish price action on the H1 time frame after the first touch of 1.3155.

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

Move the stop loss to break even when the price reaches 1.3183.

Take off 75% of the position as profit at 1.3183 and leave the remainder of the position to run

EUR/USD Analysis

Yesterday I noted that the price had bounced up off the support at 1.3155, so we would probably fill the weekend gap to 1.3214. This has now happened, so the price is quite likely to fall from here if it cannot really penetrate above 1.3228. However there is some chance of a bullish breakout above 1.3228, although it is really more likely to happen on GBP/USD than on this pair.

If we get another retest of 1.3155, a long trade could be possible from that area.

EURUSD 82814

There are no high-impact data releases schedules for a specific time today concerning the EUR. Regarding the USD, there will be Preliminary GDP and Unemployment Claims at 1:30pm London time, followed by Pending Home Sales at 3pm. Therefore the New York session is likely to be more active.

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