EURUSD has been Bullish on the H4 chart. The price has kept making higher highs. However, the price seems to have found a level of Resistance. If that level gets broken, then the price would head towards the North again. Let us have a look at the H4 EURUSD chart.
EURUSD Price Action Analysis – 23rd August 2018
As we see that the price has kept making higher highs after having some pullbacks. The level of 1.16220 is the level of Resistance where the price has started having some corrections. By looking at the chart, it seems that the level of 1.15350 has the potential to be the level of Support for the price. If it really does, then first we have to wait for an H4 Bullish Engulfing candle and then an H1 breakout at 1.16220 to take a long entry. Let us have a look at the summary of the trade…
- Buy Stop Order: 1.16220
- Stop loss: 1.15350
- Take Profit: 1.17500
- 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
“FOMC Minute meeting” took place last night. Meeting’s outcome was bit Dovish, but it did not reflect on EUROUSD that much apart from 5M, 15 charts. Technically EUROUSD is with the Bull still. Today’s correction and the overall technical scenario suggest that the pair might be getting ready to make a long wave towards the North. Today’s Resistance level is the first obstruction and just ahead there is another one. If these two levels get broken by the Daily candles, then the EUROUSD buyers would rule over this pair for some months ahead.
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