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EUR/CAD Potential Downward Movement

EUR/CAD Long-Term Trend: Bearish

Key Resistance Levels: 1.51479, 1.52258, 1.52982

Key Support Levels: 1.50206, 1.49235, 1.48893

Daily Chart:

The price on the higher time frame has been in a downtrend after facing resistance at 1.51564 level. The pair has continued to trade below this major level which suggests further trend continuation.

EUR/CAD Medium-Term Trend: Bearish

4-Hour Chart:

On the lower time frame, the pair is moving in the major trend’s direction. It recently broke a trendline after taking liquidity from the resistance area and formed a supply zone. As of now the pair might retest the zone before continuing the momentum. 

Signal Idea:

Sell Limit Order @ 1.50920

TP @ 1.50284

Stop Loss @ 1.51616

Trade Safely 🙂

About Vipul Rathaur

A trader with more than six years of experience, Vipul is a discretionary trader and uses multi time frame analysis for his analysis and price action for his trade signals. Believes that risk management is the secret to making it in this world. He trades major Forex pairs, Indices, and Commodities.

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