EURCAD had a bearish day yesterday. The H4 chart shows that the price has kept making lower lows by making breakouts towards the South. Thus, the sellers are going to look for opportunities to sell off the pair after correction and on new breakout. Let us have a look at the H4 EURCAD chart.
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The level of 1.49175 seems to be the level of support here. On the other hand, the level of 1.49530 has the potential to be the level of resistance. Earlier, the price had a bounce on the level twice. If the potential resistance level is held by the price and it ends up producing an H4 bearish engulfing candle, then an H1 breakout at the level of 1.49175 would lead the price to go towards the level of 1.48000. Let us have a look at the summary of the trade…
- Sell Stop Order: 1.49175
- Stop Loss: 1.49530
- Take Profit: 1.48000
We are in the middle of February. If we compare this month with January, then I think this has been a quieter month so far. We have had breakouts, full length correction on some occasions, but liquidity seems to be less on major pairs. Especially, GBP pairs have been quiet. ‘ Brexit’ could be the reason. Traders have been cautious with GBP pairs recently. We should check Forex calendar twice and not trade if there is any high impact news event on the GBP. The GBP might make some surprising moves on its high impact news in coming days.
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