EURUSD has been bearish on the daily chart for several days. The price consolidated for a day; produced a bearish engulfing candle and continued its journey with more bearish momentum. The H4 chart looks very bearish as well. The price consolidated and found its resistance. It produced a Doji candle. If the price heads towards the South and makes a bearish breakout at the level of support, the sellers may go short on the pair and makes some green pips. Let us have a look at the H4 EURUSD Chart.
This trade idea was generated by our powerful Elite Swing Trader System on an H4 time frame.
EUR/USD Daily Price Forecast – 19th March 2020
The price had a bounce at the level of 1.08170 and it found its resistance at the level of 1.09200. The level of resistance has already produced a Doji candle. If the price gets bearish and makes a breakout at the level of 1.08170, the price may head towards the level of 1.06450 with good bearish momentum. Let us have a look at the summary of the trade…
- Sell Limit: 1.09817
- Stop Loss: 1.10692
- Take Profit: 1.08558
The price may consolidate around the level of 1.0750 since it is a daily level of support. The way the recent market has been, the price may make a daily breakout at the daily support as well. Thus, the sellers may consider taking a partial profit at the take profit level and let the rest of the trade run. Traders may use trailing stop too since the market might get extremely volatile because of the Covid-19 issue. Let us all be safe with our investment and our life.
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