EURNZD seems to have come out from its Bullish bias on the H4 chart. The price has been Bearish, but the selling pressure is not that strong. Today’s first H4 candle was a strong Bullish candle. The next candle came out as a Doji candle. If the current candle 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 EURNZD chart.
EURNZD Price Action Analysis – 11th July 2018
The level of 1.72200 has been working as a level of Resistance here. If the current H4 candle is held by the level and it ends up being an H4 Bearish Engulfing Candle, then we would have to wait for an H1 breakout at the level of 1.71345 to take the short entry. Let us have a look at the summary of the trade…
- Sell Stop Order: 1.71345
- Stop Loss: 1.72200
- Take Profit: 1.70000
- 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
We have seen that the Forex market has been having less liquidity in the last few weeks. June and July are usually quiet months. However, I hope that the market will come back to its usual pace by the end of July. In fact, it might start having some pace from the middle of July. If that happens, it will really be good for the traders. If it does not happen, we must not worry. August will be a very good month for trading as far as I am concerned.
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