EURUSD has been having a strong Sell trend on the Daily chart. The price has kept making lower lows. Yesterday, the pair did not move towards the South that much, but still the Daily candle came out as a Bearish candle. Today’s first two H4 candles came out as corrective candles. The current candle seems to be candle, which again has been trying to make a Bearish sentiment on the pair. If it comes out as a Bearish Engulfing Candle, and we get an H1 breakout at yesterday’s lower low, then selling the pair would get us some green pips. Let us have a look at the H4 EURUSD chart.
EURUSD Price Action Analysis – 10th May 2018
The level of 1.18750 has been working as a level of Resistance here. If this level is held by the current H4 candle and it makes the current candle as a Bearish Engulfing Candle, then the sellers would wait for an H1 candle to make a solid breakout at the level of 1.18215. If the breakout happens, then the price would reach 1.17350 without having that many pauses. Let us have a look at the summary of the trade…
- Sell Stop Order: 1.18215
- Stop Loss: 1.18750
- Take Profit: 1.17350
- 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
The USD has a High impact news event at GMT 13.30. I assume the signal would come much earlier than the news hour. Thus, we would be safe from the spike if there is any created for the news event. Let us wait and see how it goes.
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