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EUR/CAD Potential Downward Movement

EUR/CAD Long-Term Trend: Bearish

Key Resistance Levels: 1.3747, 1.3835, 1.3982

Key Support Levels: 1.3605, 1.3539, 1.3428

Daily Time-frame:

The price on the higher time frame has been in a downtrend for weeks with occasional pullbacks. The pair first broke the support zone of 1.4162 and sustained below that level. The price did another pullback and faced resistance at the 1.3973 level and now continuing the trend.

EUR/CAD Medium-Term Trend: Bearish

1-Hour Time-frame:

On the lower time frame, the price is moving in the major trend direction. The pair is moving in a lower-low, lower-high pattern and it has faced resistance at the 1.3737 level. We see that the price first broke down and retested before continuing the trend’s momentum.

Signal Idea:

Sell Stop Order @ 1.3673

TP 1 @ 1.3608

TP 2 @ 1.3543

Stop Loss @ 1.3738

Trade Safely 🙂

About Vipul Rathaur

A trader with more than six years of experience, Vipul is a discretionary trader and uses multi time frame analysis for his analysis and price action for his trade signals. Believes that risk management is the secret to making it in this world. He trades major Forex pairs, Indices, and Commodities.

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