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EURCAD Price Action Analysis – 23rd Aug 2017
EURCAD made a good bearish move on the H4 chart. The price went down up to 1.47240 and then started having correction. The price is at a very significant level, which has a potential to be a good level of resistance and to produce an excellent short signal. Let us have a look at the H4 EURCAD chart…
EURCAD Price Action Analysis – 23rd August 2017
Have a look at the corrective candles. The price has already showed some reaction at the level of 1.48130. If the current candle or the next H4 candle is a Bearish Engulfing candle, then selling the pair would get some green pips for the sellers. Let us have a look at the summary of the trade…
- Sell Limit Order: 1.48130
- Stop Loss Level: 1.48800
- Take Profit Target: 1.46700
- 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
Mario Draghi has a speech to give today at 0700 GMT. This means the EURO pairs will have liquidity today. Since the trade setup is based on the H4 chart. Thus, we can actually measure the sentiment of the market after Draghi’s speech. If the resistance level is held and the current candle (one that covers Draghi’s speech) is a Bearish Engulfing Candle, then I assume the pair would not take long to hit the target. However, the current candle might just be a Doji candle (less likely, it would be a huge candle either way). Then, we wait for the next candle to be the Bearish Engulfing Candle to take the short entry as per the trade setup that we have shared here.
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