EURCAD has been having a strong buy trend on the H4 chart. The price has kept going up by making new higher highs. Today’s first H4 candle came out as a Doji bar. The price has been held by a significant level of Support so far. If the level produces a Bullish H4 reversal candle and makes an H1 breakout at today’s higher high, then buying the pair would get us some green pips later today. Let us have a look at the H4 EURCAD chart.
See that massive Bullish move. The level of 1.59290 has come out as the level of Resistance here. On the other hand, the level of 1.58600 is a significant level, which has the potential to be the level of intraday Support and produce an H4 Bullish Reversal candle. If it really does, then we should wait for an H1 breakout at the level of 1.59290 to take a long entry. Let us have a look at the summary of the trade…
- Buy Stop Order: 1.59290
- Stop Loss: 1.58600
- Take Profit: 1.60475
- 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 is the first day of the month. The whole day could get sluggish. This could lead the pairs not to have enough liquidity. Less liquidity means less chance of having a breakout. However, we never know. A particular pair could get enough liquidity to make a breakout even on a sluggish day if the technical levels are obeyed by the price. This is what I am hoping for this trade setup today.
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