Elite Swing Trader EURAUD – 5th July 2019
EURAUD after being very bearish on the H4 chart seems to have been within a range. The price went up to a level which got breached earlier and had a rejection. The bearish momentum is not that strong yet. However, any breakout at the lowest low would drive the price to go towards the South further. Let us have a look at the H4 EURAUD chart.
This is another trade idea generated by the Elite Swing Trader.
After having a bounce from the level of 1.60300, the price headed towards the upside for a correction. The level of 1.60830 has been held as the level of resistance. The chart shows that after an inside bar H4 candle, the price has been heading towards the South. The bearish momentum is not that strong though. If the price keeps coming towards the downside and makes a breakout at the level of 1.60300, then the price would head towards the level of 1.59440. Let us have a look at the summary of the trade…
- Sell Stop Order: 1.60261
- Stop Loss: 1.60806
- Take Profit: 1.59600
The way the price has been heading towards the support level, it might end up producing a double bottom here. That is a long way to go, but this is how things look like. Since the overall trend is bearish, we are going to wait for a downside breakout to go short. If there is no breakout towards the downside, then we may get a trend change. We will change our view on the pair then. Meanwhile, lets us hope that a downside breakout takes place.
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