Elite Swing Trader EURAUD – 7th June 2019 | Swing Trading Signals

Elite Swing Trader EURAUD – 7th June 2019

EURAUD made a massive bullish move yesterday. The daily candle came out as a bullish engulfing candle. The H4 chart shows that the price has started having correction as well. This means on a good level of support a bullish reversal candle and an H1 breakout at yesterday’s highest high would lead the price towards the North further. Let us have a look at the H4 EURAUD chart.

This is another trade idea generated by the Elite Swing Trader.

Elite Swing Trader EURAUD – 7th June 2019

Elite Swing Trader EURAUD – 7th June 2019

An H4 bullish engulfing candle initiated the trend. The level of 1.61825 is the level of resistance. On the other hand, the level of 1.61455 is the level of support here. If the price comes to the level of support and makes an H4 bullish reversal candle, then an H1 breakout at the level of 1.61825 would lead the price to go towards the level of 1.62420 without having that many pauses. Summary of the trade…

  • Entry: H1 breakout at 1.61825
  • Stop Loss: Below the level of 1.61455
  • Take Profit: 1.62420

This is the first wave of the trend. This attracts traders a lot. Thus, there is a good possibility that more buyers would be interested to jump into the trade if the bullish reversal candle and the breakout candle come out as expected. There is a good possibility that the price would go further up. However, the first target shall be set at the level where we have set at the trading summary. This is the last day of the trading week. Thus, we may come out a partial profit if we do not want to be with the entry for a longer time.

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