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EUR/CAD Potential Downside Movement

Key Resistance Levels: 1.5424, 1.5552, 1.5656

Key Support Levels: 1.5270, 1.5197, 1.5078

EUR/CAD Price Long-Term: Bearish

Daily Chart:

The pair is in a clear downtrend and managed to break the daily support @ 1.5424 and re-test it. The bears are in control and overwhelming the buyers which causing the sell pressure on the EUR/CAD.

EUR/CAD Medium-Term Trend: Bearish

1-hour Chart:

On the 1-hour time frame, the pair succeeded to break the flag formation to the downside by posting a big bearish engulfing candlestick. The price might show a re-test of the lower end of the channel formation before moving to the downside toward the 1.5281 mark.

Signal Idea:

Sell Order @ 1.5371

TP 1 @ 1.5281

TP 2 @ 1.5270

Stop Loss @ 1.5416

Trade Safely 🙂

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

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