Elite Swing Trader EURUSD – 24th May 2019
EURUSD made a breakout towards the upside on the H4 chart. The price has been down trending by obeying a trend line. Yesterday a massive bullish candle breached through the trend line and closed above it. Thus, EURUSD buyers are going to look for buying opportunities as things stand with the pair. Let us have a look at the H4 EURUSD chart.
This is another trade idea generated by the Elite Swing Trader.
The chart shows that the price was down trending for a long time on the H4 chart. Then, that massive bullish candle came into play and made the breakout. The level of 1.11870 has become the resistance which has been held by the price. This has to be breached as well to go long on the pair. In this case, the level of 1.11695 may come as the level of support. If the level produces an H4 bullish engulfing candle and later we get an H1 breakout at the level of 1.11870, then buying the pair would get the buyers some green pips. Let us have a look at the summary of the trade…
- Buy Stop: 1.11870
- Stop Loss: 1.11695
- Take Profit: 1.12170
There is a high impact news event ‘Core Durable Goods Orders m/m’ on the USD at GMT 13.30. Thus, the signal either has to come at least 2 hours earlier than the news event or once the news hour is finished. I personally believe the signal would come before the news event. Let us wait and see what happens next.
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