EURUSD Price Action Analysis – 12th July 2018
EURUSD has been Bearish on the H4 chart. Yesterday the H4 chart produced a huge Bearish Engulfing candle. The next H4 candle came out as a Bearish candle as well. Thus, we are eyeing on the pair only to go short. Today’s first H4 candle was a little Doji candle. The next one ended up being a Bullish Engulfing candle though. However, the overall sentiment is with the Bear, thus I am expecting that if one of the next candles comes out as a Bearish H4 Engulfing candle, and we get a breakout at yesterday’s lower low, then the price would head towards the South today. Let us have a look at the H4 EURUSD chart.
As we see that the price has obeyed the level of 1.16865 as a level of Resistance. If the candle ends up being an H4 Bearish Candle and we get an H1 breakout at the level of 1.16645, then the price would go towards the level of 1.15900. Let us have a look at the summary of the trade…
- Entry- H1 bearish candle after an H4 Bearish Engulfing candle and a breakout at 1.16645
- Stop loss- Above 1.16865
- Take profit- 1.115900
- 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
Since EURUSD looks good today; I assume it would be a good day for the Forex traders. EURUSD is the key pair. Other pairs move significantly well if EURUSD pair does. If things go according to our expectation today, then we might be able to finish this week with green pips
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