EURUSD Breakout Trading Signal – 15th Jan 2019
EURUSD had a consolidation day yesterday on the H4 chart. The price was within a range all day. The price seems to have made a breakout towards the North on the minor time frames. However, as far as H4 chart is concerned, the trend is with Bear. Thus, a breakout towards the South is what the sellers are waiting for. There is a level nearby where the price stands now. If that level is held; it produces an H4 bearish engulfing candle and ends up making a breakout towards the South, then selling the pair would get us some green pips. Let us have a look at the H4 EURUSD chart.
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The level of 1.14500 is the level of support which has to be broken. On the other hand, the level of 1.14960 has the potential to be the level of resistance since the price reacted on the level on number of occasions. If the level produces an H4 Bearish Engulfing Candle and an H1 breakout later at the support level, then selling the pair would be rewarding.
Let us have a look at the summary of the trade…
- Sell Stop Order: 1.14500
- Stop loss: 1.15000
- Take profit: 1.13800
Here another order you can enter and this is only if the above Sell Stop order is not fulfilled.
- Sell Limit Order: 1.15000
- Stop loss: 1.15500
- Take Profit: 1.14700
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Forex market seems to be having less liquidity. It is a good thing that EURUSD looks good to offer an entry. If EURUSD comes into play, the Forex market goes with its full swing. Let us hope that EURUSD offers the entry today to make the market as lively as it gets.
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