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EURCAD Price Action Analysis – 19th June 2017

EURCAD has been bearish for seven trading days. Last Friday, the pair pair produced a Spinning Top as the Daily candle. However, it seems there is enough selling pressure and the pair might go towards the South by offering short entries to the sellers. Let us have a look at the H1 chart of EURCAD…

The price seems to be having correction on the H1 chart. The level of 1.47600 has been the level of support and the level of 1.48100 has been the level of resistance. In fact, these two levels could work as a channel. By considering the H4 chart, the pair seems to be bearish. Thus, we are going to eye on taking short entries. The breakout we are going to wait here for is at the level of 1.47600. Let us have a look at the summary of the trade…

• Sell Stop Order: 1.47600
• Stop Loss Level: 1.48100
• Take Profit Target: 1.47100
• Validity: 72 hours
• Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable

Before we get the breakout here, the price might have some correction after getting a bounce at the support level. If this happens, then the entry can be taken if we get a 15M breakout. We just have to make sure that the consolidation after the bounce at the support level is good enough, so that it attract the traders of 15M chart as well. On the other hand, if we do not get the bounce, but a straight H1 breakout, that would do for us to take the short entry.

We hope that you enjoy our Free Forex Trading Signal today: EURCAD Price Action Analysis – 19th June 2017 

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