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EURAUD seems to have made out an upside breakout on the H4 chart. The pair has been Bullish for some days. However, buying pressure has not been that great. One more upside breakout may add the momentum and make the price head towards the North with a good pace. The price has been Bullish by maintaining an H4 Bullish Channel. It seems that the price is approaching at the Support level. Thus, the pair might offer us a long entry later today. Let us have a look at the H4 EURAUD chart.
EURAUD Price Action Analysis – 21st Nov 2018
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The H4 chart clearly suggests that the price is heading towards the North after making an upside breakout. The price kept going towards the North. It might be the time for the price to make some correction. If the price comes down to the level of 1.56900 and produces a Bullish Engulfing Candle, then buying the pair would get us some green pips. Let us have a look at the summary of the trade…
- Buy Stop Order: 1.56900
- Stop Loss: 1.56900
- Take Profit: 1.58300
- 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 potential level that has been marked here might be a level of Dynamic Support level. The price reacted here heavily earlier wherein it acted as a horizontal level of Resistance. Now it seems that at the same level the up trending channel’s Support lies as well. Thus, it would be a Dynamic Support Level (DSL). If DSL and Engulfing Candle get together, the chance of hitting the target goes up to 90%.
The post EURAUD Price Action Analysis – 21st Nov 2018 appeared first on Advanced Forex Strategies.
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