EURAUD took a strong bearish move yesterday. The daily candle has come out as a bearish engulfing candle. Thus, the H4 chart looks good for the sellers to go short. Let us have a look at the H4 EURAUD chart. This is another trade idea generated by the Elite Swing Trader.

The price was heading towards the north with a pretty good pace. Yesterday’s first H4 candle came out as a bullish candle. However, the very next candle came out as a bearish engulfing candle. After producing a doji candle, the price did not look back. It kept going towards the South with a good pace. The level of 1.62690 is the lowest low from where the price might have started having correction as it seems. The level of 1.63080 has the potential to be the level of resistance. If the level is held and it ends up producing an H4 bearish engulfing candle, then an H1 breakout at the lowest low meaning at 1.62690 would drive the price to go towards the level of 1.62000. Let us have a look at the summary of the trade...

• Entry: H1 breakout at 1.62690
• Stop Loss: Above 1.63080
• Take Profit: 1.62000

Draghi’s yesterday’s speech seems to have a huge impact on the EURO. Yesterday’s speech suggests that they want a weaker EURO. Thus, fore coming EURO news events might push the EURO down as well. Traders might as well be a bit careful with the EURO before such events since EURO pairs will be volatile during such news events. Opportunities may be looked for once the news volatility is over. Click Here to learn more about Elite Swing Trader

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