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EUR/CAD Potential Upward Movement

EUR/CAD Long-Term Trend: Bullish

Key Resistance Levels: 1.4893, 1.5094, 1.5130      

Key Support Levels: 1.4767, 1.4668, 1.4606

Daily Chart:

The price on the higher time frame failed to break a key support around the 1.4767 USD mark where it reversed and started to be traded higher. The market posted a double bottom and two bullish trending bars in the same direction of the main trend.

EUR/CAD Medium-Term Trend: Bullish

1-Hour Chart:

On the lower time frame, the price is posting higher highs and lows which signals that we are in a clear uptrend. The price recently posted a correction count to the previous swing high around the 1.4856 USD level. This could lead to a reversal and a move upward again toward the mentioned target profit.

Signal Idea:

Buy Limit Order @ 1.48590

TP 1 @ 1.48918

TP 2 @ 1.50940

Stop Loss @ 1.48481

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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