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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 🙂

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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