EUR/CAD Potential Downward Movement

EUR/CAD Long-Term Trend: Bearish

Key Resistance Levels: 1.57397, 1.57829, 1.58526

Key Support Levels: 1.55915, 1.55086, 1.54508 

Daily Chart:

The price on the higher time frame has recently been in a downtrend. It tested a resistance level of 1.58008 and reversed the direction. The pair has continued to break a support level 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 trendline recently which shows short-term trend shift to bearish. As of now the pair has broken and retested a minor level of 1.57397 before continuing the momentum.

Signal Idea:

Sell Limit Order @ 1.56718

TP @ 1.55999

Stop Loss @ 1.57438

Trade Safely 🙂