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[FOREX TIP] EURUSD Price Action Analysis – 3rd August 2018

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.

The post EURUSD Price Action Analysis – 3rd August 2018 appeared first on Advanced Forex Strategies.

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[FOREX TIP] EURCAD Price Action Analysis – 2nd August 2018

EURCAD has been Bearish on the H4 chart. The price has kept making lower lows on the chart. The pair had a Bearish day yesterday as well. Thus, there is a strong possibility that the pair might go down today by making a breakout towards the South. Let us have a look at the H4 EURCAD chart.

EURCAD Price Action Analysis – 2nd August 2018

The price is in the middle of our expected consolidation zone. If the price goes up to the level of 1.51725 and produces an H4 Bearish candle, then we have to wait for an H1 breakout at the level of 1.51435 to take the short entry. Let us have a look at the summary of the trade…

• Sell Stop Order: 1.51435
• Stop Loss: 1.51725
• Take Profit: 1.50950
• 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

If we have a look at the Support and the Resistance level, then we see that the Resistance level is a Flip over Resistance. The price reacted to this level earlier. The level we are eyeing to be broken is yesterday’s lowest low. The price is in the middle of those two lines. It might trend from other levels, but to have a good liquidity to go down for the price; it would be best if the price trends right from the Flip over Resistance level. That would attract more sellers. Thus, we should patiently wait for the price to go there and to make the H4 Bearish Engulfing Candle first and then an H1 breakout to offer us the short entry.

 

EURCAD Price Action Analysis – 2nd August 2018

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