Elite Swing Trader EURGBP – 12th June 2019
EURGBP has been having a strong bullish ride on the Daily chart for a number of days. The trend looks strong still to go towards the North further. The H4 charts show that every now and then the price has been having consolidation and then started its journey towards the upside. After making the highest high on the day before yesterday, the price has been having consolidation since yesterday. It is at a very significant level of support. Thus, it may head towards the North if an H4 bullish reversal candle is produced at the level followed by an H1 breakout at the resistance level. Let us have a look at the H4 EURGBP chart.
This is another trade idea generated by the Elite Swing Trader.
The level of 0.88905 seems to be the level of support here. The level may be held. If it ends up producing an H4 bullish reversal candle and we get an H1 breakout at the level of 0.89300, then the price would head towards the level of 0.89885 without having that many pauses. Let us have a look at the summary of the trade…
- Buy Stop Order: 0.89300
- Stop Loss: 0.88905
- Take Profit: 0.89885
The price had double rejection from the resistance level. It had a rejection on the day before yesterday and on yesterday. This means it really is a strong resistance. There is a saying in the financial market that the stronger the support/resistance, the stronger the breakout is. Most probably, we are going to get a strong breakout here which would generate good buying pressure as well. Let us wait and watch how it actually ends.
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