Elite Swing Trader EURAUD – 4th June 2019
EURAUD seems to have produced a double bottom on the H4 chart after being bearish for some days. The neckline of the double top has not got breached yet. However, the price is having a consolidation and there is a high possibility that the neckline of the double top may get breached soon. This will attract the sellers to buy the pair and drive the price towards a new higher high. Let us have a look at the H4 EURAUD chart.
This is another trade idea generated by the Elite Swing Trader.
The level of 1.61630 is the level of resistance which has been created today. The neckline of the double bottom lies a bit below though. Thus, if today’s resistance gets broken, then we would get two breakouts. The level of 1.61280 may become the level of support. If the level ends up producing an H4 bullish reversal candle and we get an H1 breakout at the level of 1.61630 afterwards, then the price would be heading towards the level of 1.63080 with good pace. Let us have a look at the summary of the trade…
- Buy Stop Order: 1.61629
- Stop Loss: 1.60959
- Take Profit: 1.62330
The potential buy trend that we are aiming to trade at has been initiated by an H4 bullish engulfing candle. This is what gives a trend an extra strength. I assume if the current H4 candle is held by the support level, then the signal might come once the next H4 candle closes below the resistance level. Let us wait and see what happens next.
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