EURUSD has been bullish for the last two trading days. The H4 chart shows that the price has started having a correction as well. There is a significant level nearby which has the potential to be a level of support. If that level is held and it produces an H4 bullish engulfing candle, then an H1 breakout at yesterday’s higher high would lead the price towards the North again. Let us have a look at the H4 EURUSD chart. How I Became a Consistently Profitable Trader - Now You Can Too as well!

The chart shows that the price kept making breakout and new higher highs. The level of 1.14430 seems to be the level of resistance here. An inside bar bearish candle has already been produced. As things stand with the chart, the price might come up to the level of 1.14040 to have its correction. If the price comes at the level of 1.14040 and produces an H4 bullish engulfing candle and we get an H1 breakout at the level of 1.14430, then the price would head towards the level of 1.15070 without having that many pauses. Let us have a look at the summary of the trade...

• Buy Stop Order:  1.14430
• Stop Loss:  1.14040
• Take profit: 1.15070

Most probably the signal would come at or after the New York open. There is a news event on the USD ‘CB Consumer Confidence’ at GMT 15.00. However, I do not think it would affect the setup. Rather it might work to drive the pair higher high as far as the H4 chart is concerned. The Secret Strategy used by Legendary Traders