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EUR/CAD Potential Upward Movement

EUR/CAD Long-Term Trend: Bearish

Key Resistance Levels: 1.4987, 1.5210, 1.5312

Key Support Levels: 1.4915, 1.4796, 1.4715

Daily Chart:

The pair is trading inside a bearish channel formation where we can see that the price is posting lower lows and highs. The price reached the lower end of this channel and it is rejected by a strong support around the 1.4796 USD level.

EUR/CAD Medium-Term Trend: Bullish

4-hour Chart:

On the 4-hr time frame, the price managed to break the higher end of the channel and posted an inverse head and shoulders. As well, the price managed to break the bullish flag formation to the upside. Our expectation is a lower correction to the 1.4915 USD level, and then a pump upward to the 1.5063 USD mark.

Signal Idea:

Buy Limit Order @ 1.4914

TP 1 @ 1.5056

TP 2 @ 1.5222

Stop Loss @ 1.4849

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.

2 comments

  1. Bit rough on this trade right now, nearly stopped out.

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