EURAUD after being very bearish on the daily chart had an upward correction. The price went up to a level which seems to be held by the H4 candles. It has produced an H4 bearish engulfing candle. Thus, any breakout at the lowest low of the bearish wave would drive the price towards the South. Let us have a look at the H4 EURAUD chart.
This is another trade idea generated by the Elite Swing Trader.
The price came up to the level of 1.59500. Then, it started having an upward correction. The level of 1.60365 was held by the H4 candles. It has produced an H4 bearish engulfing candle as well. If the price keeps coming towards the downside and makes a breakout at the level of 1.59500, it would head towards the level of 1.58125 with a good pace. Let us have a look at the summary of the trade…
- Sell Stop Order: 1.59438
- Stop Loss: 1.60360
- Take Profit: 1.58982
If the breakout candle comes very down, the price might go upward and make a little correction. That correction would offer us a better risk and reward ratio. Thus, we have to make a calculation here. The breakout candle is to be a good-looking bearish candle breaching the support level. If candle comes out as too big a bearish candle, then we may wait for an upward correction and take the short entry upon another bearish reversal candle.
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