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EUR/CAD Potential Downward Movement

EUR/CAD Long-Term Trend: Bearish

Key Resistance Levels: 1.4796, 1.4974, 1.5056

Key Support Levels: 1.4714, 1.4653, 1.4615

Daily Chart:

The price is trading to the downside by showing lower lows and highs. So, we are in a downtrend which why we will consider a sell position. Currently, we are in a correction phase before the market continue its main direction to the downside.

EUR/CAD Medium-Term Trend: Bearish

4-hour Chart:

On the 4-hr time frame, the price is currently inside a bearish channel formation where the price is expected to move higher temporary where there is an area of confluence. This area is made of a 61.80% Fibonacci retracement level and a strong resistance. This could cause a rebound and a move downward toward the support.

Signal Idea:

Sell Limit Order @ 1.4796

TP 1 @ 1.4728

TP 2 @ 1.4714

Stop Loss @ 1.4830

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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