EURAUD produced a very strong bullish daily candle on the daily chart yesterday. One of the H4 candles made a breakout at the highest high of the bullish wave. The price has started having a pullback as well. If the price comes back to the breakout level and produces an H4 bullish engulfing candle followed by an H1 breakout at yesterday’s highest high, then buying the pair would get some green pips for the buyers. Let us have a look at the H4 EURAUD chart.
This is another trade idea generated by the Elite Swing Trader.
The level of 1.62430 is the highest high of the last bullish move. The level was breached by a very commanding H4 bullish candle. The price started having a pullback from its very next candle. The buyers would love to see the price come back at the breakout level and produce an H4 bullish engulfing candle. An H1 breakout at yesterday’s highest high would push the price to go towards the North further.
Let us have a look at the summary of the trade
- Buy Stop Order: 1.63230
- Stop Loss: Below 1.62535
- Take Profit: 1.64325
One of the biggest news events named Non- Farm Employment Change is to take place at GMT 13.30. The USD pairs may get extreme volatility. EURAUD is not directly related to the USD. However, to some extent, it might end up producing long spikes as well. Traders are recommended to use trading lot according to their account size.
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