EURUSD has been Bullish on the H4 chart. The pair has kept making higher highs despite being within a range on the Daily chart. Since we usually look for the opportunities on the H4 chart, thus as far as the H4 chart is concerned, we are eying on the pair to take a long entry. The first H4 candle came out as a Bullish H4 candle and the next one came out as a solid Bearish one. The current candle seems to be a Bullish candle so far. If it makes an upside breakout, then we would get a long opportunity on the pair. Let us have a look at the H4 EURUSD chart.
If the current candle makes a breakout at the 1.23780 and the level is held by an H4 candle, then we would wait for an H1 Bullish Engulfing candle right at the breakout level to take the long entry. Let us have a look at the summary of the trade.
- Buy Stop Order: 1.23780
- Stop Loss: 1.23520
- Take Profit: 1.24200
- 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
Yesterday’s FOMC meeting did try to take EURUSD’s price down. However, by looking at the overall sentiment the pair seems strong to go upwards. The pair has been Bullish technically and most probably this month it will remain Bullish. Do not take it for granted of course. However, I would personally keep looking to go long on the pair whenever an opportunity comes based on the technical analysis. Let us see how it goes in reality.
EURUSD Price Action Analysis – 12th April 2018
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