EURUSD has been very Bearish on the H4 chart. The price has kept making lower lows. Yesterday, the H4 chart made another breakout towards the South. The level has to be the Resistance to offer us a short entry. If the price goes back to the breakout level and produces an H4 Bearish Engulfing Candle, then selling the pair would get us some green pips. Let us have a look at the H4 EURUSD chart.
EURUSD Price Action Analysis – 4th Oct 2018
The level of 1.15135 is the key level here. The price had a bounce on this level earlier. Then, it took a strong Bearish move to make the breakout. The breakout had enough momentum as well. It is the time for the price to back on that level and to produce an H4 Bearish Engulfing Candle to offer us the Short entry. Let us have a look at the summary of the trade…
- Entry- At the close of an H4 Bearish Engulfing Candle at 1.15135
- Stop loss- Above 1.15135
- Take profit- 1.13825
- 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
None of the currency pair has any high impact news event today. Thus, it would be a technical day. By looking at the chart, it seems that the signal might need time to be produced. It might come at GMT 18.00 or even come tomorrow. If it does not come today, then it would come early tomorrow. Let us patiently keep our eyes on the pair to get the H4 Bearish candle at the desired level late today or early tomorrow.
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