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EUR/CAD Potential Downward Movement

EUR/CAD Price Long-Term: Bearish

Key Resistance Levels: 1.4849, 1.4894, 1.4915

Key Support Levels: 1.4807 1.4755, 1.4700

Daily Chart:

The pair is in a clear downward movement where the price is posting lower lows and highs. Currently, we noticed a correction count toward the 1.4894 USD resistance level which can lead to a lower movement to continue the direction of the main trend.

EUR/CAD Medium-Term Trend: Bearish

1-hour Chart:

On the 1-hr time frame, the price succeeded to break the wedge formation to the downside and then posted a correction count. This correction count faced a 50% Fibonacci retracement level which put a high sell pressure on this pair and smashed it to the downside.

Signal Idea:

Sell Market Order @ 1.4825

TP 1 @ 1.4755

TP 2 @ 1.4700

Stop Loss @ 1.4857

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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