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EURCAD Price Action Analysis – 5th Sept 2017
EURCAD made some good bearish moves on the H4 chart. The pair broke a massive level of support on its way. Thus, it might be the time for the pair to make another bearish move from the level of Flip over resistance. Let us have a look at the H4 EURCAD chart…
EURCAD Price Action Analysis – 5th Sept 2017
As we see on this chart, the level of 1.47600 got broken and then the price went towards the level to have correction. The price is right at that level now. If the level produces an H4 Bearish Engulfing Candle right from this level, then selling the pair would be rewarding. A thing to remember here is the last candle we have here is a bearish candle as well, but it has a long spike. Thus, we must wait for a good looking bearish candle. Let us have a look at the summary of the trade
- Sell Limit Order: 1.47600
- Stop Loss Level: 1.47200
- Take Profit Target: 1.46300
- 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
Spinning top, Doji, Pin bar, Inside bar and Engulfing all are reversal candles. However, Engulfing candle is the best reversal candle among all of them. Here we have witnessed that as well. The last H4 candle is a spinning top. However, the sellers are not yet confident to sell off the pair. It would have been a different case if that candle were a Bearish Engulfing candle. A good-looking Engulfing candle always attracts more buyers or sellers if it is produced at a value area.
- 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
The last release of “Unemployment Data” made most of the pairs move with huge liquidity. Thus, the price has been having long correction on most of the pairs today. Among them, EURGBP’s correction seems to be over. Thus, this pair has been chosen to keep our eyes on to take an entry. The lesson that we have to learn from here is the longer the move, the longer the correction. In many cases, a big correction often changes the trend or makes traders wait longer to be able to take an entry.
- 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
Today the USD is going to have one of the biggest news events for a month. Thus, the pair might get into its extreme volatility. Ideally, this setup would need about 6/7 candles to get at the Resistance level and to produce the trading signal. However, it might be different today since “Unemployment Rate” to be declared at 12.30 GMT. Thus, it might not take as long as it would usually take. The worst thing would be if the level is not held because of the extreme volatility. Then, this setup would be a void setup. Whether the level is held or not held, we have to make sure one thing that we wait for the trade signal after the news event hour. This means H4 candle, which ends at 13.00 GMT that should be the signal candle.
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We hope that you enjoy our Free Forex Trading Signal today: EURGBP Price Action Analysis – 4th Sept 2017
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