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EUR/CAD Potential Downward Movement

EUR/CAD Long-Term Trend: Bearish

Key Resistance Levels: 1.3501, 1.3621, 1.3757

Key Support Levels: 1.3301, 1.3222, 1.3147

Daily Chart:

The price on the higher time frame has been in a downtrend for months. The pair traded in a range for some time between 1.4185 and 1.4628 and then it broke the lower range. As of now, the price has faced resistance at the 1.3775 level and continued the trend. 

EUR/CAD Medium-Term Trend: Bearish

1-Hour Chart:

On the lower time frame, the pair is moving in the major trend’s direction while making lower highs. The price recently retested a resistance level of 1.3501 and continued the trend. A minor support level of 1.3416 has also been broken and retested which indicates a bearish bias.  

Signal Idea:

Sell Stop Order @ 1.3385

TP 1 @ 1.3309

TP 2 @ 1.3233

Stop Loss @ 1.3461

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.

2 comments

  1. Is this trade still open?

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