EURAUD Price Action Analysis – 7th Feb 2018
EURAUD has been having a correction on the H4 chart after being very Bullish. It seems that the pair is getting ready to make another journey towards the North. Today’s price action has been Bullish so far since today’s all the H4 candle have been Bullish. If the pair makes an H4 breakout at yesterday’s higher high, then it might offer a long entry later today. Let us have a look at the H4 EURAUD chart.
The level of 1.54490 has been the Support here. We are going to wait for the breakout at the level of 1.58000. This has to be an H4 breakout though. If that does happen, then we are going to wait for a little H1 consolidation and then an H1 Bullish Engulfing Candle to take the long entry. Let us have a look at the summary of the trade…
- Buy Stop Order: 1.58000
- Stop Loss: 1.54490
- Take Profit: 1.59600
- 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
EURNZD is a pair, which is very similar to EURAUD. EURNZD has been trending as well. However, I have chosen EURAUD since the strength of the trend looks a bit better. EURNZD has to break two Resistance, but EURAUD has to break just one Resistance. I will keep my eyes on both the pairs, but I will be keen to take my entry on EURAUD. We need to count this equation as well. We have to be able to find out a pair with a stronger trend to take an entry.
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