EURCAD Price Action Analysis – 28th Aug 2017 | Free Forex Trading Signal

EURCAD Price Action Analysis – 28th Aug 2017

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EURCAD Price Action Analysis – 28th Aug 2017

EURCAD made a huge bullish move on the H4 chart. The pair made a breakout at a significant level of resistance. Today’s price action suggests that the level might be held. If that happens, then the level will work as a flip over support. This means another breakout towards the upside would attract the buyers again to push the price higher up. Let us have a look at the H4 EURCAD chart…

See those H4 bullish candles. The level of 1.48700 got broken on their way. The price has been on consolidation. The level of 1.48700 is held so far. If the level produces an H4 Bullish Engulfing Candle breaching the level of 1.491640, then buying the pair would get some green pips for the buyers. Let us have a look at the summary of the trade

  • Buy Stop Limit: 1.49100
  • Stop Loss Level: 1.48600
  • Take Profit Target: 1.50000
  • 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

Since the pair just made a breakout, thus the reversal candle has to breach the last higher high. What that means is we must wait for an H4 candle to close above the level of 1.49140. The pair has been on a solid trend, so it should have enough liquidity. Any sort of confusion, such as if it takes too many candles to make the breakout would slow down the pace to reach at our desired level. The best would be if we get the current H4 candle as our breakout candle. The pair will surely have a huge amount of liquidity then.

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We hope that you enjoy our Free Forex Trading Signal today: EURCAD Price Action Analysis – 28th Aug 2017

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