EURUSD has been Bullish on the H4 chart. The price seems to have made an ABC pattern and heads towards the North. Today’s price action has been Bullish too. The first H4 candle came out as a Bullish candle. The second one has been Bullish as well so far. If the candle ends up being a Bullish candle and makes an upside breakout, then the pair might offer us a long entry later today. Let us have a look at the H4 EURUSD chart.
As we see that the pair has been heading towards the North after producing an Inside bar Bullish candle. Then, the pair had a retracement. In fact, two of the candles were Bearish to complete the correction. Then, the pair has produced 4 consecutive Bullish candles after the retracement. If it keeps going up and makes an H4 breakout at the level of 1.13465, and later we get an H1 Bullish Engulfing Candle, then the pair would go towards the level of 1.14100 without having that many pauses. Let us have a look at the summary of the trade…
- Buy Stop Order: 1.13465
- Stop Loss: 1.13055
- Take Profit: 1.14100
- 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
None of the currency of EURUSD pair has any high impact news event today. Thus, the pair would run technically. The Daily range of EURUSD has been good too. Moreover, it is the most heavily traded pair. If things go accordingly, the pair never lacks the liquidity. Let us patiently wait and see how it ends.
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