EURUSD has been Bearish on the H4 chart. The pair took a strong Bearish move yesterday. However, the price is at a very strong level of Support. If the level gets broken, then the price would head towards the South with a strong momentum today. Let us have a look at the H4 EURUSD chart.
EURUSD Price Action Analysis – 3rd August 2018
See the strong Bearish momentum on the H4 chart. The level of 1.15810 is the level of Support, which has to be broken. To break this level, the price has to have a strong level of Resistance. As far as the H4 chart suggests, the level of 1.16065 could be the level to be the level of strong Resistance here. We have to wait for the price to produce an H4 Bearish Engulfing Candle at 1.16065 first and then an H1 breakout at the level of 1.15810 to take the short entry. Let us have a look t the summary of the trade…
- Sell Stop Order: 1.15810
- Stop Loss: 1.16065
- Take Profit: 1.15385
- 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
NFP is to take place at GMT 13.30. Without any doubt, the USD will be very volatile today. As a pair, EURUSD gets most volatility during NFP release. Thus, it would be best to take the entry once the news hour gets over. I assume the best time to take the entry would be at GMT 15.00. Another thing, if price makes a breakout towards the downside, then EURUSD would remain Bearish for this month for the rest of the year.
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