EURNZD has been having a strong bearish move on the H4 chart. A massive H4 bearish candle yesterday has added more fuel to it. After having a consolidation, another H4 bearish candle is being produced. If that candle ends up being an H4 bearish engulfing candle, then the sellers of EURNZD may love to go short again on the pair. Let us have a look at the H4 EURNZD chart.
This is another trade idea generated by the Elite Swing Trader.
The chart shows that after being very bearish yesterday, the price found support at the level of 1.69860. The level of 1.70315 has been the level of resistance on the other hand. The current H4 candle has been very bearish so far. If that candle closes below the level of 1.69860 or ends up being an H4 engulfing candle but closes above that level, then the pair might offer another short entry for the traders. In both cases, an H1 consolidation may take place. Thus, an H1 bearish engulfing candle is to be produced right at the breakout level to offer the short entry. Let us have a look at the summary of the trade…
- Sell Stop Order: 1.69837
- Stop Loss: 1.70456
- Take Profit: 1.69265
A strong support level is very nearby. In fact, that is where we have set out take profit level. The level is a daily support level as well. Thus, consolidation is expected here. If the price does not consolidate, we might as well skip taking the entry.
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