EURAUD Price Action Analysis – 7th July 2017 | Free Forex Trading Signal

EURAUD Price Action Analysis – 7th July 2017

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EURAUD Price Action Analysis – 7th July 2017

EURAUD has been within a range on the Daily chart. However, the H4 chart suggests that the pair might head towards the North to check the Daily resistance level first. Let us have a look at the H4 EURAUD chart…

EURAUD Price Action Analysis – 7th July 2017

The pair made a good bullish move yesterday. Thus, the H4 chart looks bullish. The price went up to the level of 1.50780. It then has started having correction. 1.50300 zone might come into play and be the level of support here. If the price gets its support at that level and we get a breakout at 1.50780, the buying the pair would get us some green pips with 1:2 risk and reward ratio. Let us have a look at the summary of the trade…

  • Buy Stop Order: 1.50780
  • Stop Loss Order: 1.50200
  • Take Profit Target: 1.51700
  • 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

Today NFP is to release its monthly data on employment. Most of the pairs will be volatile at the time of the news release. Thus, it is better that we wait for the news release hour to be finished to take any entry on any pair. If the H4 candle (one that will be created after the news release) is a solid bullish candle breaching the resistance level (today’s EURAUD trade setup), then there is a 90% chance that we will have another winning trade today. If the H4 reversal candle is created earlier than that, then there is a 60% chance that this trade setup gets us to our desired level.

We hope that you enjoy our Free Forex Trading Signal today: EURAUD Price Action Analysis – 7th July 2017

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