EURUSD has been maintaining an up trending Trend line. The price tried to break the Trend line once. However, buyers have pushed the price back within the Trend line again. To go more with it, the price has breached the previous level of resistance and continued making higher highs. The pair looks good to go further up as things stand. Let us find out how we could grab those green pips.
This the H4 chart of EURUSD. As we can see, a bullish H4 candle from the level of 1.064400 has set the bullish tone again. The price went up to the level of 1.08115 by breaching the level of 1.07750. If 1.07750 becomes the support and produces an engulfing H4 candle, then we should wait for an Hourly break at the level of 1.08115 to take long entry. There is enough space for the price to travel; the level of 1.09150 seems easily reachable for the price as far as this trade setup is concerned.
Let us have a look at the summary of the trade…
- Buy Stop Order: 1.08115
- Stop Loss Level: 1.07750
- Take Profit Target: 1.09150
When we get a breakout of a trend line or horizontal line, the price normally continues its journey towards the breakout direction. If it does not, then the new trend gets even stronger in most cases. Here the up trending Trend line got broken earlier, but the price has gone back in. We could assume that the new buy trend has got even stronger in this case.
Comment below if you have questions on this trade and please let us know if you made money if this trade signal. Good luck!
You can also take a look at our previous (and most likely profitable) Free Forex Trading Signals Here.
We hope that you enjoy our Free Forex Trading Signal today: EURUSD Free Forex Trading Signals – 1st Feb 2017.
Claim Your $60 No Deposit Bonus Here
All you need is to have your live account verified!
Of course, you need to open a live account...
2 Brokers that we like A LOT!
USD30 from each Forex Broker Below.
Both Forex Brokers have excellent rating!
We use both of these brokers and proudly promote them!
NOTE: Not all countries qualify for these bonuses. Terms and Condition Applies.Other Analysis Today
Can I use your tips on a one minute,or 45 seconds trade?
1 minute will be too fast and moreover the profit might be just too small.