Looking at a bullish rejection candle that has formed on the 4 hour time frame of the EURUSD. I call these ones ‘thick body’ rejection candles because in this case, the candle signal has a thick bullish body – which gives the setup a little more bullish presence.
The candlestick buy signal formed right on a nice swing level which I’ve marked on the chart. We can also see the recent 4 hour market has a nice bullish uptrend structure to it, marking out higher highs and higher lows.
If this setup works out, we could see price make a move into higher highs. But don’t forget we are expecting massive volatility this week with the fed rate hike decision, which EURUSD will be heavily effected. Manage your risk effectively here.
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