EURAUD has been having a strong Bullish trend on the H4 chart. The price has been heading towards the North with a good amount of buying pressure. Yesterday’s Daily candle looks to be a corrective candle. Today’s first two H4 candles came out as corrective candles as well. The price now is at a very important level, which has the potential to be a level of Support. If the level is held and it ends up producing an H4 Bullish Engulfing Candle, then an H1 breakout would lead the price to go towards the North again. Let us have a look at the H4 EURAUD chart.
EURAUD Price Action Analysis – 4th Sept 2018
The level of 1.60465 is the level, which has to be held and to produce an H4 Bullish Engulfing Candle. Afterwards, if we get an H1 breakout at the level of 1.61755, then the price would head towards the level of 1.63775 without having that many pauses. Let us have a look at the summary of the trade…
- Buy Stop order: 1.61755
- Stop Loss: 1.60465
- Take Profit: 1.63775
- 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
Yesterday’s “Labor Day” in the US made almost all the pairs be sluggish. H4 traders might have to keep their patience bit more until this Friday. It seems that the market has been waiting for Friday’s NFP. Nevertheless, as far as technical analysis is concerned when there is a breakout, there is an opportunity to take an entry. Thus, after choosing some good trending pairs, we should keep our eyes on the pairs to have the breakout.
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