EURUSD took a massive Bearish move last week. The pair has been on a consolidation after that move though. To start the trading day today, the price had a rejection from a significant level or Resistance. If the price goes back there again, and gathers a strong Bearish momentum on the H1 chart, then we might get an opportunity to sell the pair and grab some green pips. Let us have a look at the H4 EURUSD chart.
Have a look at the last H4 candle. It is so far Bullish inside bar. However, the overall momentum is with the Bear. Thus, we are eyeing for the price to go up there again. If that happens, then there would be a Double Top on the H1 chart. If the price makes a breakout at 1.23080 after the Double Top, then selling the pair would reach us at 1.22500 as far as this chart is concerned. Let us have a look at the summary of the trade…
- Sell Stop Order: 1.23080
- Stop Loss: 1.23420
- Take Profit: 1.22500
- Validity: 72 hours
- Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable
The USD has two high impact news events today at GMT 14.30. I assume the pair would get sluggish from now on up to the news hour. If the signal comes right after these news events, then it would be excellent entry. On the other hand, if it comes just an hour or two before, then we might as well skip taking the entry.
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