EURUSD Price Action Analysis – 22nd Aug 2017
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EURUSD has been trapped within a horizontal channel on the H4 chart. However, the Daily trend of the pair has been bullish. Recently the pair made some good bullish move towards the North as well. Now it is time for the price to make corrections and to produce a buy signal from a good level of support. By looking at the H4 EURUSD chart, it seems that the pair might produce a buying opportunity. Let us have a look at the H4 EURUSD chart….
See those consecutive two H4 bullish candles. On their way, they broke a level of resistance at 1.17650. The price is having correction now. If the price comes at the breakout level and produces an H4 Bullish Engulfing candle, then buying the pair would get us some green pips. Let us have a look at the summary of the trade…
- Buy Limit Order: 1.17650
- Stop Loss Level: 1.16900
- Take Profit Target: 1.18600
- 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
Most probably, this trade setup will produce the H4 Bullish Engulfing candle tomorrow. If it does, then it would be easy to take the entry. However, if the signal is produced today, then we have to flip over to the 30M EURUSD chart. There is a bearish Trend line on the 30M chart. That trend line has to be broken and confirmed by the 30M candles if we are to take the entry today. In both cases, H4 Engulfing candle is a must thing to occur though.
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