EURGBP has been having a Bullish move on the H4 chart. Although the momentum has not been that strong, the price has kept making higher highs. Today’s first two H4 candles came out as corrective candles. There is a potential level of Support very nearby. If that level is held and it produces an H4 Bullish Engulfing Candle, then an H1 breakout at last Friday’s higher high would lead the price towards the North later today. Let us have a look at the H4 EURGBP chart.
EURGBP Price Action Analysis – 20th August 2018
The level of 0.89590 has the potential to be the level of Support here. Today’s price has been held by this level so far. Now it might be the time for the H4 chart to produce an H4 Bullish Engulfing Candle from the level. If we get an H1 breakout afterwards, then the price would go towards the level of 0.90050 without having that many pauses. Let us have a look at the summary of the trade…
- Buy Stop Order: 0.89765
- Stop Loss: 0.89590
- Take Profit: 0.90050
- 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
It seems a good beginning to start this week. I say this because not too many pairs have started this week with “Gap”. We often see that Monday starts with huge Gap on many pairs. For the price action traders, it is a bummer. It gets tough; in fact impossible to read an intraday chart when it starts with a gap. When it occurs, we must wait to get a clearer picture of the price action.
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