EURNZD has been Bullish on the H4 chart. The pair seems to find a strong level of Support and heads towards the North. One of the H4 candles today made a breakout at a significant level of Resistance. If we get an H1 Bullish Engulfing Candle at the breakout level, then buying the pair would get us some green pips later today. Let us have a look at the H4 EURNZD chart.
EURNZD Price Action Analysis – 17th April 2018
Have a look at the big Bullish candle, which made a breakout at 1.68115. If the current H4 candle is held by this level and it produces an H1 Bullish Engulfing candle at the time of correction, then the pair would reach at 1.69000 without having that many pauses. Let us have a look at the summary of the trade…
- Buy Limit Order: 1.68115
- Stop Loss: 1.67930
- Take Profit: 1.69000
- 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 price has gone bit far from the breakout level. It should start having correction right from the level where it is now. If it goes further up, then the price would not come to our desired level for a correction today. Even if it does, it would not be a good entry. Another thing, we have to remember here that the signal candle has to come out as a very strong Bullish Engulfing Candle with a little or no spike. A Bullish inside bar or a Bullish Spinning top would not be a very good signal to go long from here.
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