EURUSD has been down trending on the H4 chart. The price has been obeying a down trending trend line which might play a significant role in its next direction. After being bearish, the price started having a correction. It is approaching a level where the price reacted a number of times. Moreover, trend line resistance is very nearby. This means the price is approaching a dynamic resistance point which always plays a vital role in the price movement. Let us have a look at the H4 EURUSD chart.
This is another trade idea generated by the Elite Swing Trader.
The horizontal level 1.12350 and the intersecting point with the down trending trend line are going to be key factors for the EURUSD’s next move. If the resistance level produces an H4 bearish reversal candle and an H1 breakout at the level of 1.12010, then the possibility is very high that it would be a strong bearish day today. Let us have a look at the summary of the trade…
- Sell Stop Order: 1.12069
- Stop Loss: 1.12499
- Take Profit: 1.11625
If the resistance level is not held but get breached by the H4 candle and held, then all the equations will be entirely different. Since it is a dynamic resistance we are aiming at to be held, thus an upside breakout would attract many buyers to start buying the pair. There is a saying in the financial market ‘The stronger the support/resistance, the harder the breakout is’. Our resistance point in this trade setup is very strong. Thus, either way, it is going to be a vibrant day for the EURUSD traders.
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