EURUSD made a strong bullish move on the H4 chart. The daily candle came out as a bullish engulfing candle which was produced at a strong level of daily support as well. The price has been having a range at the moment. If it heads towards the North and makes an H4 breakout at today’s highest high, the buyers may get a long opportunity later today. Let us have a look at the H4 EURUSD chart. This trade idea was generated by our powerful Elite Swing Trader System.

The price went up to the level of 1.11625 and had a rejection from there. The level of 1.11315 has the potential to be a level of support. The level already produced a Doji candle. If the price keeps going towards the North and makes a breakout at the level of 1.11625, the buyers shall wait for a pullback followed by an H1 bullish engulfing candle at the breakout level to go long on the pair. Let us have a look at the summary of the trade...

• Buy Stop order: 1.11645
• Stop Loss: Below 1.11311
• Take Profit: 1.11992

August is the last month of the second quarter of a year. So far, this August has been quiet for EURUSD. We are in the last week of this month. If the rest of the days are quiet or bearish, then the pair may get very bearish in the coming months. On the other hand, if the rest of the days get bullish, the rest of the months of this year may get bullish on the pair. 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.