EUR/CAD Potential Downward Movement

EUR/CAD Long-Term Trend: Bearish

Key Resistance Levels: 1.56999, 1.58008, 1.59325

Key Support Levels: 1.55413, 1.54038, 1.53321 

Daily Chart:

The price on the higher time frame has recently been in a downtrend. It tested a resistance level of 1.58566 and reversed. The pair has continued to break a few support levels which suggests further trend continuation.

EUR/CAD Medium-Term Trend: Bearish

1-Hour Chart:

On the lower time frame, the pair is moving in the major trend’s direction. It broke a key level of 1.58008 and has sustained below that. As of now the pair has broken and retested a minor level of 1.56999 before continuing the momentum.

Signal Idea:

Sell Limit Order @ 1.56264

TP @ 1.55508

Stop Loss @ 1.57019

Trade Safely 🙂