EURCAD has been Bearish on the H4 chart. The price has kept making lower lows on the chart. The pair had a Bearish day yesterday as well. Thus, there is a strong possibility that the pair might go down today by making a breakout towards the South. Let us have a look at the H4 EURCAD chart.
The price is in the middle of our expected consolidation zone. If the price goes up to the level of 1.51725 and produces an H4 Bearish candle, then we have to wait for an H1 breakout at the level of 1.51435 to take the short entry. Let us have a look at the summary of the trade…
- Sell Stop Order: 1.51435
- Stop Loss: 1.51725
- Take Profit: 1.50950
- 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
If we have a look at the Support and the Resistance level, then we see that the Resistance level is a Flip over Resistance. The price reacted to this level earlier. The level we are eyeing to be broken is yesterday’s lowest low. The price is in the middle of those two lines. It might trend from other levels, but to have a good liquidity to go down for the price; it would be best if the price trends right from the Flip over Resistance level. That would attract more sellers. Thus, we should patiently wait for the price to go there and to make the H4 Bearish Engulfing Candle first and then an H1 breakout to offer us the short entry.
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