EURUSD had a very bearish day yesterday. The daily chart shows that the daily candle came out as a bearish engulfing candle. The H4 traders would love to get a price correction and sell the pair again if the price makes another breakout at yesterday’s lowest low. Let us have a look at the H4 EURUSD chart. This is another trade idea generated by the Elite Swing Trader.

The move was very interesting. First of all, it started from a resistance level which seems to be a level of resistance of a double top. The wave started with an Evening Star as well. The price came down up to the level of 1.12825 yesterday. Then, it has started having a correction. If the price goes up to the level of 1.13050 and produces an H4 bearish reversal candle, then an H1 breakout at the level of 1.12825 would lead the price to go towards the level of 1.12465 without having that many pauses. Let us have a look at the summary of the trade

• Sell Stop Order: 1.12825
• Stop Loss: 1.13050
• Take Profit: 1.12465

An Evening Star is a signal of a strong downtrend. Basically, it is a combination of three candles. The first candle is a bullish candle; the second candle is a doji candle; the last candle is a bearish candle which has to close below the first candle. In many occasions, the second candle might come out as a little bearish candle as well. In those cases, the third candle has to cover the second candle with spike and then closes below the first candle to make a valid “ Evening Star”. Click Here to learn more about Elite Swing Trader

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