EURNZD has been bullish on the H4 and the daily chart. The price has been heading towards the North after having consolidations. The price after making a new highest high today came down a little. It seems that the price might have a pullback. If the H4 chart produces an H4 bullish engulfing candle at the breakout level, then the buyers may start buying the pair and push towards the North further. 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 the price made a breakout at the level of 1.69855 and headed towards the North. One of today’s H4 candle made the highest high but ended up being a Doji candle. This might drive the price down and make the pair have a pullback. The level of 1.69855 will come into play. If the level if held and it ends up producing an H4 bullish engulfing candle, then the buyers may want to start buying the pair again. Let us have a look at the summary of the trade…
- Buy Limit Order: 1.70520
- Stop Loss: 1.69640
- Take Profit: 1.71380
Since it is an ABC pattern that we are going to trade at, so we do not need to wait for an upside breakout. However, the reversal candle at the breakout level shall be an engulfing H4 candle. This is what brings more liquidity and the price hits the target rather quickly.
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