EURCAD has been very Bearish on the H4 chart. The price has kept making lower lows and as things stand, it seems that the price might go further down. Today’s first two H4 candles came out as corrective candles. The current candle along with the last two candles has been held by a significant level of Resistance. If the level is held and it produces an H4 Bearish Engulfing Candle, then we might get an opportunity to go short on the pair and make some green pips.Let us have a look at the H4 EURCAD chart.
EURCAD Price Action Analysis – 17th August 2018
As we see the first two candles were Bearish, but did not create that much momentum. The current candle has gone bit up. If this candle is held by the level of 1.49835 and it ends up being an H4 Bearish Engulfing Candle, then an H1 breakout at the level of 1.49240 would lead the price to go towards the level of 1.48250 without having that many pauses.
- Sell Stop Order: 1.49240
- Stop loss: 1.49835
- Take Profit: 1.48240
- 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 current H4 candle could come out as the H4 Engulfing Candle, and then the signal candle has to be produced before the New York open. If the H4 signal candle is produced later, then the signal might come just after the New York open. Since the Euro depends on the London open and the Cad depends on the New York open, so we have to keep our eyes on the pair on both openings.
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