EUR/GBP Daily Price Forecast – 4th Feb 2020
EUR/GBP had a bullish day yesterday. The daily candle came out as a bullish engulfing candle. Thus, the H4 chart has been bullish, which may offer a long entry. The chart shows that the last candle, as of writing, has been making a downward correction. A flipped level of support may come into play and push the price towards the upside. Let us have a look at the H4 EUR/GBP chart.
This trade idea was generated by our powerful Elite Swing Trader System on an H4 time frame.
The chart shows that the price headed towards the North and had a rejection at the level of 0.85145. The price may come at the level of 0.84860. If the level holds the price and produces a bullish reversal candle, the buyers may go long above the level of 0.85145. The significant swing high on the daily chart is at the level of 0.85770, which offers a lucrative risk-reward to the buyers. Let us have a look at the summary of the trade…
- Buy Stop: 0.85198
- Stop Loss: 0.84701
- Take Profit: 0.85700
The current candle may end up being a bearish engulfing candle. Thus, the pair may take one more candle to consolidate and produce the bullish reversal candle. I assume the H4 candle that closes after the New York open may come out as the bullish reversal candle. However, if it comes before that (the next H4 candle) or even later (today’s H4 candle), the setup is valid. If it comes tomorrow, the setup is not valid since the level of resistance will be a daily resistance in that case.
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