EURUSD had a strong bearish day yesterday. The H4 chart shows that the price after having a little correction makes a good bearish move. It seems that the price is having a correction at the moment. A good level of resistance is nearby as well. If the level is held and it ends up producing an H4 bearish engulfing candle, then an H1 breakout at yesterday’s lowest low would offer a short entry to EURUSD sellers. Let us have a look at the H4 EURUSD chart.

This is another trade idea generated by the Elite Swing Trader.

The level of 1.11885 has the potential to be the level of resistance here. The price at the moment has been heading towards the level. If the level is held and it produces an H4 bearish engulfing candle, then an H1 breakout at the level of 1.11660 would drive the price to go towards the level of 1.11300. Let us have a look at the summary of the trade...

• Sell Stop Order: 1.11542
• Stop Loss: 1.11841
• Take Profit: 1.11300

The H4 chart shows that the price had a bounce from a level which stands a bit ahead than our marked level. The price might as well react from the level too. The reason why I assumed the marked level to act as the level of resistance is the price reacted a number of times at that level. Moreover, there is some space in between. A correction/consolidation needs some space within the zone. This allows a trend to have strength as well as enough space for the traders to set their stop losses. Click Here to learn more about Elite Swing Trader

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