EURUSD was caught within a horizontal range on the H4 chart. The price made a downside breakout yesterday. As expected, the price has been having a consolidation. The last H4 candle came out as a bullish candle. If the current candle comes out as a bearish H4 engulfing candle, then an H1 breakout at yesterday’s lowest low would drive the price toward the South further. Let us have a look at the H4 EURUSD chart.
This is another trade idea generated by the Elite Swing Trader.
The level of 1.11520 has the potential to be a level of resistance. The last H4 bullish candle closed right at that level and the price had a rejection at this level earlier. If the current H4 candle finishes as an H4 bearish engulfing candle followed by an H1 candle breaching the level of 1.11295, then selling the pair would get us some green pips. Let us have a look at the summary of the trade…
- Sell Stop Order: 1.11313
- Stop Loss: 1.11633
- Take Profit: 1.11067
We are not going to wait for a pullback here, after the breakout. Trading at pullback is safer, but the resistance level that we have spotted on here is a strong very strong level of resistance. If it ends up producing an H4 bearish engulfing candle which we are expecting, it would attract intraday sellers to go short. Thus, an H1 breakout after the H4 bearish engulfing candle may attract the sellers and eventually bring enough liquidity.
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