EURUSD Past Trade Idea – 22nd May 2017
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EURUSD has been bullish on the Daily chart. Last Thursday was a corrective day, but the next day (Friday) made another huge move towards the North. On its way, it broke an important level of resistance at 1.11650. If this level produces an H4 bullish reversal candle, then buying the pair should get some green pips for the buyers. Let us have a look at the H1 chart of EURUSD….
As we see on the chart that the price breached through the level of 1.11650. Earlier the price tried to find its resistance right at that level. Eventually the level of resistance got broken and the price went up to 1.12100. As things stand with the pair, the price is having downside correction. If the price comes at 1.11650 and produces an H4 reversal candle, then buying EURUSD should be the best option for the buyers. Let us have a look at the summary of the trade…
- Buy Limit Order: 1.11650
- Stop Loss Level: 1.11000
- Take Profit Target: 1.12350
As we know there are many types of reversal candles such as Doji, Inside bar, Engulfing, Pinbar, etc. Pinbar is considered the best reversal candle and Engulfing candle is considered the second best reversal candle to take entries. To identify an Engulfing candle is an easy task. However, A Pin bar can be deceptive sometimes. There are some characteristics of a perfect Pin bar. Traders are advised that they learn those characteristics of Pinbar well.
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