EURCAD Breakout Trading Signal – 12th Feb 2019
EURCAD had two consecutive bearish days. The H4 chart suggests that the price has had a bounce at the level, which is a very strong level of support. The price has been having a correction now. If the price has a full wave correction and makes a breakout towards the South, then the pair would offer a short entry with a good risk and reward ratio. Let us have a look at the H4 EURCAD chart.
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As we see that the level of 1.49765 has been the level of support here. The level of 1.50325 has the potential to be the level of resistance. If the level is held; it ends up producing an H4 bearish engulfing candle and later it makes an H1 breakout at the level of 1.49765, then the price would head towards the level of 1.48890. Let us have a look at the summary of the trade
- Sell Stop Order: 1.49765
- Stop Loss: 1.50325
- Take Profit: 1.48890
I assume the pair would make corrections with more H4 candle after the current candle. This means the H4 candle which includes the New York Open might come out as the Bearish Engulfing Candle. This is always good. London Open and New York Open often create volatility and spikes among candles. Though we can’t say it is completely called safe. However, if a signal comes once they are seen off (New York Open and London Open) that is safer. Let us wait and see what actually happens.
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