EURNZD took a journey towards the North on the H4 chart last week. Then, the price came back to 1.47300 to make a support level. This is an important level since it was a huge resistance earlier. The price already has shown reaction to the level. There is a high chance that if we get an H4 reversal candle at this level again, then we will be able to take long entry on the pair. Let us have a look at the H4 chart of EURNZD…
EURNZD Free Forex Trading Signals – 14th Feb 2017
As we can see that, the pair changed its H4 trend from the level of 1.45300. The price went up to 1.48500, and then started having corrections. The level of 1.47300 seems to be the support so far since the pair already produced an Engulfing H4 candle. If we get another H4 reversal candle at that level or at that zone, it would then be considered as a Double bottom. Thus, buying from that level upon an Engulfing H4 candle, or an Engulfing H1 candle (in case of Inside bar H4 or Doji H4), should get us some green pips with excellent risk and reward ratio.
Let us have a look at the summary of the trade
- Buy Limit Order: $1.47300
- Stop Loss Level: $1.47150
- Take Profit Target: $1.49300
As a reversal candle, Engulfing candle is the best one. This is how traders can read out the market sentiment easily. If we get a Doji candle or an Inside bar, then we must wait another candle of its lower time frame. It means that if we trade on the H4 chart, we wait for an Engulfing H1 candle; if we trade on H1 chart, we wait for an Engulfing M15 candle towards the trend direction.
Comment below if you have questions on this trade and please let us know if you made money if this trade signal. Good luck!
You can also take a look at our previous (and most likely profitable) Free Forex Trading Signals Here.
We hope that you enjoy our Free Forex Trading Signal today: EURNZD Free Forex Trading Signals – 14th Feb 2017
The post EURNZD Free Forex Trading Signals – 14th Feb 2017 appeared first on Advanced Forex Strategies.
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