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EURUSD Price Action Analysis – 21st July 2017

EURUSD has been on a strong uptrend on the Daily, H4 as well as on the H1 chart. Thus, I am going to keep my eyes on the pair to go long after a pullback. The pair seems that it is going to have a pull back on the H4 chart. If it does, then the pair might offer us an excellent buy entry.  Let us have a look at the H4 EURUSD chart…

See those two massive bullish H4 candles. One of them breached the level 1.15850. If the price comes back to this level; produces  H4 bullish reversal candle; breaches the level of 1.16575, then buying the pair should get us some green pips with an excellent risk and reward ratio. Summary of the trade…

• Buy Stop Order: 1.16600
• Stop Loss Level: 1.15900
• Take Profit Target: 1.17600
• 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 Unemployment claims and ECB meeting played a significant role to the EURUSD pair. Now that we have had the breakout, if things go according to this trade setup, then EURUSD will keep making higher highs for some days/weeks. What I try to say here is one or two high impact news events could set the tone of a pair and set a long-term trend. These things should be noted on our personal trading journal along with our loss and profitable entries. Every now and then, we should have a look at the journal to keep us more up to date on what page we are on.

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We hope that you enjoy our Free Forex Trading Signal today: EURUSD Price Action Analysis – 21st July 2017 [thrive_link color='green' link='https://www.forexstrategieswork.com/the-price-action-club/' target='_blank' size='big' align='aligncenter']Join The Price Action Club Here...[/thrive_link]