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EUR/CAD Potential Upward Movement

EUR/CAD Long-Term Trend: Bullish

Key Resistance Levels: 1.43254, 1.43574, 1.43802.

Key Support Levels: 1.42854, 1.42574, 1.42200.

1-Hr Time Frame:

The price on the higher time frame failed to break the strong support level around the 1.42847 CAD mark and then rebounded and moved higher leaving a fake breakout to the downside. we expect further movement to the upside especially after breaking the bearish trendline.

EUR/CAD Medium-Term Trend: Bullish

5-Mins Time Frame:

On the lower time frame, we can see that the market started a new trend where higher highs and lows has been posted after breaking the trendline. As well we can see that the buyers are back which is represented by big bodied bullish candlesticks.

Buy Market Order @ 1.42835

TP 1 @ 1.43248        

TP 2 @ 1.43574

Stop Loss @ 1.42632

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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