EURAUD has been bearish on the H4 as well as on the Daily chart. Selling pressure is not that strong, but the price has been heading towards the South for about three weeks. Yesterday’s daily candle ended up being a very good-looking bearish candle. The price today has already had some consolidation/correction. This means another breakout towards the South would drive the price to towards the downside. Let us have a look at the H4 EURAUD chart.

This is another trade idea generated by the Elite Swing Trader.

Today’s first H4 candle came out as a bullish candle. The candle got held right at 1.57440 which is a level where the price reacted heavily earlier as well. If this level becomes the level of resistance and ends up producing an H4 bearish engulfing candle, then a breakout at the level of 1.57180 which is yesterday’s lower low as well would drive the price to go down to the level of 1.56435. Let us have a look at the summary of the trade...

• Sell Stop Order: 1.57143
• Stop Loss:  1.58051
• Take Profit: 1.56435

The level that we are going to wait to have a breakout at, it is a huge psychological level. Recently the price had a huge rejection from the level. This means it has a potential to be a level of support of a double top as well. Meanwhile, we are going to wait for a breakout to take a short entry. If the breakout does take place, then I assume sellers are going to dominate on the pair for another three/4 weeks. Click Here to learn more about Elite Swing Trader

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