EURAUD has been Bullish on the H4 chart. The pair produced two H4 Bearish candles today. The current candle seems to be Bullish so far. If this candle continues to go towards the North and makes a breakout at today’s higher high, then we might get an opportunity to go long later today. Let us have a look at the H4 EURAUD chart.
Have a look at the current candle. It has been Bullish by having a Support at the level of 1.59785. If this candle keeps going up and makes a breakout at 1.60310, then the buyers are going to wait for an H4 corrective candle to be held by the breakout level and an H1 Bullish candle to be formed right at the breakout level to take a long entry. Let us have a look at the summary of the trade…
- Buy Stop Order: 1.60310
- Stop Loss: 1.59785
- Take Profit: 1.61200
- Validity: 72 hours
- Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable
This month has been quiet so far. We have not had good technical moves on the major pairs in the last 3 weeks. However, I assume this week would be a good week for the technical traders. As a trader, I would spend more time at my trading station to keep my eyes on the pairs to take entries. Of course, I would not be in a hurry in taking entries. If things go accordingly, only then I would take my entries. I assume the Forex market will run accordingly by offering entries to the technical traders to finish this month off.
EURAUD Price Action Analysis – 23rd April 2018
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