EURCAD took a strong Bearish move yesterday. The price has made new lower low. It has been having a correction at the moment. There is a strong level of Flip over Resistance. If that level is held and it produces an H4 Bearish Engulfing Candle along with an H1 breakout, then selling the pair would get us some green pips.
The level of 1.53175 is the level that has to be held by the H4 candles. If that produces an H4 Bearish Engulfing Candle and we get an H1 breakout at the level of 1.52570 later, then the price would head towards the level of 1.51600 without having that many pauses. Let us have a look at the summary of the trade…
- Sell Stop Order: 1.52570
- Stop Loss: 1.53175
- Take Profit: 1.51600
- 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
Today there is a big event on the EURO at GMT 13.30. The ECB will declare the “Interest rate”. Thus, the market will be very volatile today during the news hour. Especially, all the EURO pairs might get extreme volatility. Considering the chart and the news event hour, it seems that the signal would come at GMT 15.00 or later. If the signal comes earlier than the recommended hour, then it would be a bit risky to take the entry. Even the price might go towards the trend direction, but it could produce a long spike to sweep off our Stop loss. Thus, wait until the news volatility gets over to take the entry.
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