EURUSD had a bearish day yesterday. The daily candle engulfed the day before yesterday’s daily candle. The daily chart shows that the price upon producing a Double Top has been heading towards the South for several days. On the H4 chart, the price has been bearish and it has been on consolidation. A level of flipped resistance is nearby. If the level holds the price and produces an H4 bearish engulfing candle, the price may head towards the further south with good bearish momentum. Let us have a look at the H4 EURUSD chart.
This trade idea was generated by our powerful Elite Swing Trader System.
The chart shows that the price had a bounce at the level of 1.100025 and produced two bullish candles. The level of 1.10170 is a level, which may hold the price as resistance. If the level produces an H4 bearish reversal candle and the price breaches the level of 1.10025, it would head towards the level of 1.09550. Let us have a look at the summary of the trade…
- Sell Stop Order: 1.10029
- Stop Loss: 1.10229
- Take Profit: 1.09841
The level of 1.10025 has been the support in the trade setup. It is the level of 1.10000. It is a huge psychological level, which is going to play a vital role to determine EURUSD’s future. A downside breakout at the level may push the price further South up to the parity. On the other hand, if the level holds the price as support, it shall push the price towards the North for at some weeks.
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