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EUR/CAD Potential Upward Movement

EUR/CAD Long-Term Trend: Bullish

Key Resistance Levels: 1.48945, 1.50960, 1.51000.

Key Support Levels: 1.47723, 1.46689, 1.46680.

Daily Chart:

The price on the higher time frame failed to break a daily support around the 1.46689 USD mark which led to a reversal and a move upward. The price succeeded to break the strong resistance and retraced to it. This could lead to a move upward again in the same direction of the main trend.

EUR/CAD Medium-Term Trend: Bullish

4-Hour Chart:

On the lower time frame, the price is bouncing inside a bullish channel formation where a bullish engulfing pattern has been left showing that the buyers are in control. The price as well found buyers around the lower end of this channel which led to a continuation of the trend to the upside. A lower correction could be seen before the bullish impulsive wave.

Signal Idea:

Buy Limit Order @ 1.47750

TP 1 @ 1.48923

TP 2 @ 1.48945

Stop Loss @ 1.47359

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.

One comment

  1. peter H johansson

    Just wondering? I see no difference in TP1 to TP2?? Is it correct?

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