EURAUD produced two consecutive bearish Daily candles. The H4 chart suggests that the pair is getting ready to make a move towards the South. The first H4 candle came out as an engulfing candle from a strong rejection from the North. The price might go back to the resistance level and start heading towards the South. Let us have a look at the H4 EURAUD chart.
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The level of 1.59825 is the level of resistance here. As we see today’s first H4 candle engulfed yesterday’s last H4 candle. The current candle seems to be a bullish one. If the price is held after all these corrections by the level of 1.59825, and makes an H1 breakout at the level of 1.59340, then the price would head towards the level of 1.58550 without having too many pauses. Let us have a look at the summary of the trade…
- Sell Stop Order: 1.59340
- Stop Loss: 1.59825
- Take Profit: 1.58550
It was a good trading day yesterday. Many pairs offered H4 as well as intraday entries. However, today’s market seems to be quiet. The GBP has a high impact news event later today. This means apart from the GBP pairs, rest of the pairs should run very technically. Now breakout is required. Initial liquidity which usually comes from small time frame traders, that has to come and play its part to help pairs make breakouts on the big time frame such as the H4 chart. Let us wait and see how it ends.
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