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EUR/CAD Potential Downward Movement

EUR/CAD Long-Term Trend: Bearish

Key Resistance Levels: 1.3454, 1.3513, 1.3598

Key Support Levels: 1.3332, 1.3259, 1.3189

Daily Chart:

The price on the higher time frame has been in a downtrend for some time and recently it consolidated for some time and faced resistance at 1.3702 level. The pair has broken the lower trendline which indicates a bearish bias.

EUR/CAD Medium-Term Trend: Bearish

1-Hour Chart:

On the lower time frame, the pair is moving in the major trend’s direction. The broke a consolidation zone of 1.3598 and 1.3513 to the lower side with good momentum. As of now the pair has broken and retested the 1.3454 level before continuing the momentum. 

Signal Idea:

Sell Stop Order @ 1.3401

TP 1 @ 1.3340

TP 2 @ 1.3218

Stop Loss @ 1.3462

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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