EURUSD Price Action Analysis – 2nd Mar 2018
EURUSD after being Bearish for a week or two might have had some buying pressure. The last five H4 candles have been Bullish. Moreover, one of them made a breakout at a Down trending H4 Trend line. This means if the pair consolidates within a zone and produces an H4 Engulfing candle, then buying the pair would get us some green pips with an excellent risk and reward ratio.
Have a look at those H4 Bullish candles. The price has kept making higher highs on the H4 chart. The level of 1.22870 might come into play and be the level of Resistance here. This price reacted heavily at this level earlier. On the other hand, the level of 1.22620 might be the level of Support here. So this is the zone, we are anticipating that the price would consolidate. After the consolidation, if we get an H4 Bullish Engulfing Candle making a breakout at 1.22870, then the price would reach 1.23770 without having that many pauses. Let us have a look at the summary of the trade…
- Buy Stop Order: 1.22870
- Stop Loss: 1.22620
- Take Profit: 1.23770
- 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 has any high impact news event today. Thus, I assume this would be an excellent entry if we get the signal candle at any time today. Let us hope that the pair consolidates within the zone and produces the H4 Bullish Engulfing candle right from the Support level according to our expectation.
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