EUR/NZD has been bearish on the daily chart for the last three days. The H4 chart shows that it has been in consolidation. If the level of resistance produces a bearish reversal candle, the sellers may find a short opportunity to go short if the price below the level of consolidation support. Let us have a look at the H4 EUR/NZD chart.
This trade idea was generated by our powerful Elite Swing Trader System on an H4 time frame.
EUR/NZD Daily Price Forecast – 6th Feb 2020
The price found its support at the level of 1.69545 and its resistance at the level of 1.69980. The level of resistance already produced a bearish inside bar. As of writing, the current candle has been bearish. If the candle closes as a bearish engulfing candle, the sellers may trigger a short entry below the level of 1.69545. Let us have a look at the summary of the trade…
- Sell Stop: 1.69591
- Stop Loss: 1.70133
- Take Profit: 1.68875
The daily chart shows that the price may go up to the level of 1.66760. Thus, the sellers may consider taking a partial profit at the take profit level and let the rest of it run. If the price breaches take profit level, we may even consider adding more short positions upon breakout confirmation. The price may take a few pauses to go towards the level of daily support once it makes a breakout at the take-profit level. Meanwhile, let us wait and see what it does with today’s trade setup. With today’s trade setup, bearish reversal candle followed by a breakout the sellers shall wait for.
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