EUR/CAD Potential Downward Movement

EUR/CAD Long-Term Trend: Bearish

Key Resistance Levels: 1.4727, 1.4795, 1.5000

Key Support Levels: 1.4650, 1.4581, 1.4550

Daily Chart:

The price on the higher time frame is in a downtrend where it posted lower lows and highs. Currently, the price posted a correction count to the 1.4795 USD resistance where it bounced and dropped to the downside.

EUR/CAD Medium-Term Trend: Bearish

1-hour Chart:

On the lower time frame, the price succeeded to break the bullish flag formation to the downside and now it is trading inside a wedge. This wedge represents the correction where a higher move might be seen to the 1.4727 USD mark before a huge drop to the target profit.

Signal Idea:

Sell Limit Order @ 1.4725

TP 1 @ 1.4675

TP 2 @ 1.4650

Stop Loss @ 1.4750

Trade Safely 🙂