EUR/USD Forex Signal- July 3, 2014

By DailyForex | Updated July 30, 2014 AAA

By: DailyForex.com

EUR/USD Signal Update

Yesterday’s signals were not triggered and expired. Although the price did touch 1.3643, there was no sufficiently bullish price action to justify an entry before the London close.

Today’s EUR/USD Signals

An entry may only be made between 2pm and 5pm London time today.

Short Trade 1

Short entry following bearish price action on the H1 time frame after the first touch of 1.3748.

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

Adjust the stop loss to break even when the price reaches 1.3705.

Take off 75% of the position as profit at 1.3705 and leave the remainder of the position to run.

EUR/USD Analysis

Yesterday saw a fairly gentle falling off which continued with the news release early during the New York session. Some support was found as we fell to touch the bullish trend line I talked about yesterday at around 1.3643, but the support was not strong and we have now fallen below that trend line quite weakly, so it will probably now become irrelevant.

The US Non-Farm Payroll data will be released today one day earlier than usual due to the public holiday in the USA tomorrow. It would be foolish to enter any trades before that news release.

Unfortunately there are no obvious good support levels below us above 1.3500, so I am restricted to hoping the news releases will push the price up to 1.3748 and hope for a reversal there confirmed by price action.

EURUSD 7314

There are very high-impact data releases scheduled for today concerning both the EUR and the USD. At 12:45pm London time the EUR Minimum Bid Rate will be announced, followed by the US Non-Farm Employment Change, Unemployment Rate, Unemployment Claims, and Trade Balance data at 1pm. Then at 3pm there will be the US ISM Non-Manufacturing PMI. It is likely that from the time of the US data releases, the pair will be extremely volatile.

You May Also Like

Related Forex Analysis
  1. EUR/USD back to 1.2520 on data
    Forex News

    EUR/USD back to 1.2520 on data

  2. EUR soft after the release of disappointing PMIs - Scotiabank
    Forex News

    EUR soft after the release of disappointing PMIs - Scotiabank

  3. Credit Agricole: Staying Long EUR/USD – eFXnews
    Forex News

    Credit Agricole: Staying Long EUR/USD – eFXnews

  4. Limited movement in EUR/USD as European and German PMIs soften – MP
    Forex News

    Limited movement in EUR/USD as European and German PMIs soften – MP

  5. Weaker Euro-area PMI weighs on markets – BBH
    Forex News

    Weaker Euro-area PMI weighs on markets – BBH

Trading Center