EUR/CAD Long-Term Trend: Bearish
Key Resistance Levels: 1.4796, 1.4974, 1.5056
Key Support Levels: 1.4714, 1.4653, 1.4615
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
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.
Sell Limit Order @ 1.4796
TP 1 @ 1.4728
TP 2 @ 1.4714
Stop Loss @ 1.4830
Trade Safely 🙂