EURAUD has been heading towards the South on the H4 chart. The price after having an upside pullback headed towards a strong level of support. Today’s price action suggests that the price has found a level of resistance from where it may make a downside breakout. If the breakout takes place, then the sellers may get an opportunity to go short on the pair later today. Let us have a look at the H4 EURAUD chart. This trade idea was generated by our powerful Elite Swing Trader System.

The H4 chart shows that the price had a bounce at the level of 1.63100. The price had several bounces at the same level earlier. After having the bounce, the price went up to the level of 1.63570. It already has produced a bearish reversal candle. If the price continues to go towards the South and makes a breakout at the level of 1.63100, then the sellers shall wait for an upside pullback up to the breakout level followed by an H1 bearish engulfing candle right there to go short on the pair. Let us have a look at the summary of the trade...

• Sell Stop Order: 1.63123
• Stop Loss: 1.63570
• Take Profit: 1.61030

This is the first week of the last quarter of the year 2019. The next two weeks are very significant to finish off this year. We may get some big trend changing moves which may sustain for some months. Meanwhile, we concentrate on our trading charts and trade accordingly with proper risk management. For more trade ideas, join the Price Action Society... If you like our analysis and would like to receive 3 to 7 trade ideas per day, then click here to learn more about Price Action Society.