EUR/USD produced two consecutive bullish candles on the daily chart. The price consolidated and headed towards the North on the H4 chart. It has been on consolidation again. A flipped level of support holds the price. If it produces a bullish reversal candle and the H1 chart makes a breakout at the last swing high, the buyers may get an opportunity to go long on the pair. 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 – 14th Jan 2020
The chart shows that the price had a rejection at the level of 1.11455. The level of 1.11305 holds the price as a level of support. This is a flipped support, which may end up producing a bullish reversal candle. If the price makes an H1 breakout at the level of 1.11455, it may head towards the level of 1.11700 with good bullish momentum. Please note, the breakout is going to be a ‘dynamic breakout’ since the price is right at a downtrend trend line’s resistance. Let us have a look at the summary of the trade…
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Buy Stop @ 1.11478
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TP @ 1.11757
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SL @ 1.11167
The level of 1.11950 is a significant swing high. The buyers may push the price up to that level. The buyers on this trade setup may consider taking a partial profit at the level of 1.11700 and let the rest of it run. Since the daily chart looks bullish, thus the price may get bullish with good momentum. The reward may be extended by using partial profit as well as trailing stops.
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