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[FOREX TIP] EURCAD Price Action Analysis – 18th Sept 2018

EURCAD has been bullish on the H4 chart. The pair made a breakout at a down trending Trend line on the H4 chart too. Today’s first H4 candle came out as a Doji candle and the next one came out as a Bullish candle. The current candle has been Bearish so far. If this candle makes a full wave correction and later we get an H4 breakout at today’s higher high, then buying the pair would get us some green pips. Let us have a look at the H4 EURCAD chart.

EURCAD Price Action Analysis – 18th Sept 2018

The level of 1.52235 is the level of Support here. On the other hand, the level of 1.52590 is the level, which has to be broken. If we get an H4 breakout at that level, then the price would head towards the level of 1.53230. Let us have a look at the summary of the trade…

• Buy Stop Order: 1.52590
• Stop Loss: 1.52235
• Take Profit: 1.53230
• 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 EURO has a high impact news event at GMT 08.15. ECB president Mario Draghi has a speech to give. Usually EURO pairs get very volatile during his speech. With our today’s trade setup, we might get the breakout at the time of the volatility. Let us hope that the price does not go too far. If it does, then the risk and reward ratio would not be that lucrative. If the price stays within our reach, then it would be an excellent entry. Let us now patiently wait and see how it ends.

 

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