EURUSD had a strong Bullish ride on the H4 chart last week. The first day of this week was good for the buyers as well. However, the last two days has been bearish and it seems that the pair might continue its Bearish journey today as well. The first H4 candle came out as a Bullish candle, but then the pair produced a Bearish Pinbar. The current H4 candle seems to make a breakout at a significant level of Support. If this breakout is held and we get an H1 Bearish Engulfing candle on the retracement, then selling the pair would get us some green pips. Let us have a look at the H4 EURUSD chart.
Have a look at the current H4 candle. It is not finished yet, but there has been a strong selling pressure. If this H4 candle finishes below 1.24000, then we have to wait for a correction. If an H1 Bearish Engulfing Candle is produced at the time of correction, then the price would reach the level of 1.23450 without having too many pauses. Let us have a look at the summary of the trade…
- Sell Limit Order: 1.24000
- Stop Loss: 1.24200
- Take Profit: 1.23450
- 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
EURUSD may be the pair, which is traded heavily by the most traders in the Forex market. Whenever it offers a trade according to the H4/Daily chart, it attracts even more traders. Eventually, other pairs get more liquidity and the whole market comes into play.
EURUSD Price Action Analysis – 28th Mar 2018
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