EUR/USD Forex Signal- July 17, 2014

By DailyForex | Updated July 30, 2014 AAA

By: DailyForex.com

EUR/USD Signal Update

Yesterday's signals were not triggered. and expired as we did not form bullish price action during the London session at 1.3520.

Today’s EUR/USD Signals

Risk 0.75% equity.

Entries must be made before 5pm London time today.

Long Trade 1

Long entry following bullish price action on the H1 time frame between 1.3486 and 1.3500.

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

Adjust the stop loss to break even when the price reaches 1.3550.

Remove 50% of the position as profit at 1.3550 and leave the remainder of the position to run.

EUR/USD Analysis

I forecast yesterday that we would continue to move down and hit 1.3520. This is in fact what happened late yesterday and now we are reaching an area that is quite likely to be supportive enough to give a chance for a good long trade.

We have not really been below 1.3500 since last November and this area has been very supportive twice since then as can be seen from the daily chart below.

I think the best trade will come from waiting for the price to fall below 1.3500, and then going long when some bullish price action with momentum forms down there.

EURUSD 71714

There are no high-impact data releases due today concerning the EUR, although there are concerning the USD which might well have some impact upon this pair. At 1:30pm London time London time there will be a release of US Building Permits and Unemployment Claims data followed later by the Philly Fed Manufacturing Index at 3pm.

You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    Video: No Follow Through On Equity Breakout, Greece Troubles Continue

  2. Forex News

    Fed to hold until September - GS

  3. Forex News

    First estimate of UK GDP to show recovery slowed in Q1 - Capital Economics

  4. Forex News

    EUR/USD Technical Analysis: Resistance Above 1.10 Beckons

  5. Forex News

    EUR/USD: Break above 1.0925 exposes 1.0954, 1.1034 - FXCharts

Trading Center