EURCAD Price Action Analysis – 3rd Jan 2019 | Free Forex Trading Signal

EURCAD Price Action Analysis – 3rd Jan 2019

EURCAD made a good bearish move on the H4 chart. The bearish wave started with an H4 bearish engulfing candle as well. Good thing is the price has started having a correction and it is approaching to a significant level which has potential to be a strong level of resistance. If the level is held and we end up having an H4 bearish engulfing candle followed by an H1 breakout, then the price would head towards the South by offering a short entry. Let us have a look at the H4 EURCAD chart.

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EURCAD Price Action Analysis – 3rd Jan 2019

EURCAD Price Action Analysis – 3rd Jan 2019

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The journey began with an engulfing candle as well as there was a double top. However, the level of 1.53800 came into play and became the level of support. So far the level produced two H4 bullish candles. The level of 1.55050 is the level which might come into play soon and starts working as the level of resistance. If the level produces an H4 bearish engulfing candle and later we get an H1 breakout at 1.53800, then selling the pair would get us some green pips.  Let us have a look at the summary of the trade…

  • Entry: H1 breakout at 1.53800
  • Stop loss: 1.55050
  • Take Profit: 1.51800

On some pairs, there has been extreme volatility to start the trading day. Let us not trade on those pairs until they get settled down. With some brokers, spreads have gone higher as well. Thus, it would be better if we keep our patience and be watchful with those pairs for at least a day.

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