EURUSD took a massive Bearish move on the H4 chart. The level that came out as the Support level on the last Friday it seems that it might become the Support level of a Double Bottom. If it ends up producing a Double Bottom, then buying the pair would get us some green pips later today. Let us have a look at the H4 EURUSD chart.
EURUSD Price Action Analysis – 1st Oct 2018
The level of 1.15845 might produce a Double Bottom. The level of 1.16180 is the Neckline of that Double top. If we get an H4 Bullish reversal candle on the marked Support level and get an H1 breakout at the level of 1.16180 later, then the price would head towards the level of 1.16710. Let us have a look at the summary of the trade…
- Buy Stop Order: 1.16180
- Stop loss: 1.15845
- Take Profit: 1.16180
- 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
Considering Monday, the GBP and the EURO both look very active today. The GBP has high impact news at GMT 09.30 today. I assume the news event would create some volatility on the GBP pairs. Thus, to be safe we should not take any entry on the GBP pair before that news event. On the other hand, the USD has a high impact news event at GMT 15.00. I do not think it would create extreme volatility and if we get the signal (today’s trading recommendation), the signal would come well ahead than the news event hour. Let us wait and see how it ends.
The post EURUSD Price Action Analysis – 1st Oct 2018 appeared first on Advanced Forex Strategies.
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