EURCAD has been Bullish on the H4 chart. The buying pressure is not that great, but the price has kept making higher highs. Today’s first two H4 candles were Bearish corrective candles. The price is at a strong level of Support. If this Support level is held and we get an H4 Bullish Engulfing Candle from here, then an H1 breakout at yesterday’s higher high would be the signal to go long on the pair. Let us have a look at the H4 EURCAD chart.
EURCAD Price Action Analysis – 21st June 2018
The level of 1.53750 has the potential to be a Flip over Support. It has been held so far as well. If we get an H4 Bullish Engulfing Candle right from this level and an H1 breakout at the level of 1.54300, then the price would reach at the level 1.55200 without having that many pauses. Let us have a look at the summary of the trade…
- Buy Stop Order: 1.54300
- Stop Loss: 1.53750
- Take Profit: 1.55200
- 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 GBP has a number of High impact news to encounter. The EURO is not as correlated to the GBP as it was before the Brexit. However, still, it is better to be a bit defensive with the EURO pairs as well. I would suggest that we might as well use a smaller trading lot than our usual trading lot on EURCAD today. A good thing about these news events is hopefully we get some excellent opportunities tomorrow on the GBP pairs.
The post EURCAD Price Action Analysis – 21st June 2018 appeared first on Advanced Forex Strategies.
from Advanced Forex Strategies
No comments:
Post a Comment