EUR/USD has been bearish on the H4 chart for the last two days. Yesterday’s daily candle came out as a strong bearish candle, which suggests that the H4 trend is still with the bear. Today’s first H4 candle came out as a corrective bullish candle closing within a level of resistance, where the price reacted several times. If the level works as a level of resistance and drives the price towards the downside, the sellers may get an opportunity to go short on the pair and grab some green pips. Let us have a look at the H4 EUR/USD chart.
This trade idea was generated by our powerful Elite Swing Trader System on a H4 time frame.
EUR/USD Daily Price Forecast – 9th Jan 2020
The chart shows that the price came up to the level of 1.11020 and found its support. It produced a bullish candle, which closed within the level of 1.11190. If the level produces an H4 bearish reversal candle, the sellers may go short on the pair upon an H1 breakout at the level of 1.11020. The price may find its next support at the level of 1.10685. This means the price has enough space to travel towards the downside. Let us have a look at the summary of the trade…
- Entry: H1 bearish breakout at 1.11020
- Stop Loss: Above 1.11190
- Take Profit: 1.10685
If the price makes a breakout at the next support, it may make a long bearish wave on the H4 chart. Thus, the sellers may consider holding a partial trade and let that run. In that case, the price may find its next support at the level of 1.10000.
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