[FOREX TIP] EURUSD Past Trade Idea – 17th May 2017

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EURUSD has been bullish for the last 3 days. Today’s price action suggests that there is a possibility that the price would keep going towards the North as well. The price has breached yesterday’s higher high already. Then, it has been on correction. If the support level, which is yesterday’s higher high is held, then buyers are going to jump into the pair to drive the pair towards the upside. Let us have a look at the H1 chart of EURUSD…

As we can see on the chart, that the price went up to 1.11150 today. Then, it has been on correction. So far there are 2 H1 corrective candles. Ideally, the price should come back to 1.10950 and then produce a reversal signal right at that level and then a breakout at 1.11150. If that happens, then buying EURUSD after the breakout should get us some green pips.

Let us have a look at the summary of the trade

• Buy Stop Order: 1.11150
• Stop Loss Level: 1.10700
• Take Profit: 1.11750
• Validity: 24 hours

Today’s price on EURUSD has been trending right from the beginning of the trading day. In this kind of market, if we wait for an H1 breakout, we might be too late to take an entry. Normally we would wait for an H1 breakout, which is the safest way. However, when we see that the price remains up from the trading day’s open price on a buying market, 15M breakout should be enough for us to take the entry.

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: EURUSD Trade Idea – 17th May 2017

 

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