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EUR/CAD Potential Downward Movement

EUR/CAD Price Long-Term: Bearish

Key Resistance Levels: 1.4896, 1.4915, 1.5222

Key Support Levels: 1.4755, 1.4500, 1.4250

Daily Chart:

The coin is in a clear downtrend where it is breaking all the daily supports and it is posting lower lows and highs. Currently, it succeeded to break the 1.4896 USD mark, and we are expecting to post a correction before the continuation of the main trend to the downside.

EUR/CAD Medium-Term Trend: Bearish

4-hour Chart:

On the 4-hr time frame, the price is trading within a bearish pennant pattern where we expect the price to stall near the trendline resistance. This move might lead to a breakout of the pennant to the downside and reach the previous low.

Signal Idea:

Sell Limit Order @ 1.4914

TP 1 @ 1.4852

TP 2 @ 1.4755

Stop Loss @ 1.4940

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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