EURUSD Price Action Analysis – 8th Jan 2019
EURUSD had a bullish day yesterday. The H4 chart suggests that the price have started having a correction after making a strong move towards the North. The buyers are going to keep their eyes on the pair to go long again if the price makes another breakout. Let us have a look at the H4 EURUSD chart.
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After producing some strong H4 candles, the price seems to have started its correction from the level of 1.14835. If the price goes down to the level of 1.14400 and ends up producing an H4 bullish engulfing candle, then an H1 breakout at the level of 1.14835 would be the signal to go long on the pair again. The nearest level would be 1.15575. Let us have a look at the summary of the trade…
- Buy Stop order: 1.14800
- Stop Loss: 1.14600
- Take Profit: 1.15000
- Buy Limit Order: 1.14080
- Stop Loss: 1.13800
- Take Profit: 1.14400
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It seems that the current candle is going to be a strong bearish candle. This means the next candle has to be either a bullish candle with little body or a doji candle. Thus, most probably the breakout H1 candle that we are going to wait for would take place after the New York open. The buyers get enough time to keep their eyes on the pair and find its psychology. Once it is taken after the New York open, traders leave the trade during the less volatile hour of the market. This makes the price go towards the target nicely without creating unwanted spikes.
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