EURNZD Price Action Analysis – 4th July 2018
EURNZD has been having a strong Bullish trend on the H4 chart. The price has kept making higher highs. Yesterday’s Daily candle came out as an Inside bar. This means if we get another upside breakout, then buying the pair would get us some green pips. Let us have a look at the H4 EURNZD chart.
Have a look the Bullish move on the H4 chart. Although yesterday’s Bearish correction seems to be a long correction, the overall bias is still with Bullish. As we see here that the level of 1.72200 has been the level of Support so far. If this level produces an H4 Bullish Engulfing candle, then we should wait for an H1 breakout at the level of 1.73725 to take a long entry. Summary of the trade…
- Buy Stop Order: 1.73725
- Stop Loss: 1.72200
- Take Profit: 1.75300
- 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
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None of the currency on this pair has any high impact news event today. Thus, the signal could come at any time after an H4 Engulfing Candle. The target is big, so I assume the breakout would be a big one as well. There is a strong reason to think like that. If we see the upward move of this pair on the H4 chart, then we have to agree that the trend is extremely strong. This would attract more buyers and eventually it would get more liquidity. In the end, a strong breakout and strong move that would take the price towards the upside.
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