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EURCAD Price Action Analysis – 10th July 2017

EURCAD has been bearish on the Daily chart. The price had been heading towards the South until it reaches at the level of 1.46500. Last Friday, the pair produced another bearish Daily candle. It seems that the pair might make another bearish move if it makes a breakout at 1.46500. Let us have a look at the H4-EURCAD chart….  

As we see on the H4 chart, the price had a rejection from the level of 1.46500 twice. Now, the price has been on correction again. If the price goes up to 1.47300 and then produces a Bearish H4 Engulfing candle, then we might get a selling opportunity on the pair. Afterwards, an H4 breakout would be excellent or an H1 breakout (at 1.46500) would do as well to take the entry. Let us have a look at the summary of the trade…

• Sell Stop Order: 1.46500
• Stop Loss Level: 1.47300
• Take Profit Target: 1.45200
• 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

In this trade setup, we should wait for a complete correction up to the level of 1.47300. If the price does not go there, but makes a breakout before reaching the recommended level, then there is another pattern to use to take a short entry. That would have less risk and reward ratio as well as less winning ratio. Thus, it is better to take the entry after a full length of correction. If not, then we had better skip the entry. You can also take a look at our previous (and most likely profitable) Free Forex Trading Signals Here.

We hope that you enjoy our Free Forex Trading Signal today: EURCAD Price Action Analysis – 10th July 2017 [thrive_link color='green' link='https://www.forexstrategieswork.com/the-price-action-club/' target='_blank' size='big' align='aligncenter']Join The Price Action Club Here...[/thrive_link]