EURCAD produced a bearish daily engulfing candle at the resistance zone yesterday. On the H4 chart, the price has been having a correction. There is a level nearby, which has the potential to hold the price and drive it towards the South. If that happens, the pair may offer a short entry later today. Let us have a look at the H4 EURCAD chart.
This trade idea was generated by our powerful Elite Swing Trader System.
The H4 chart shows that one of the H4 candles came out as a bearish engulfing candle. On its way, it made a breakout at the level of 1.47130. This level may act as flipped resistance. If it holds the price and produces an H4 bearish reversal candle, then an H1 breakout at the level of 1.46785 may push the price towards the level of 1.46130 with strong bearish momentum. Let us have a look at the summary of the trade…
Sell Stop @ 1.46787
TP @ 1.46336
SL @ 1.47124
Yesterday’s daily candle formed right at the resistance of a Double Top. The neckline lies below the Take Profit level that we have set here. The price may go towards the neckline level. However, it’s Friday. The market may get sluggish after the London session ends. Thus, it is better if we take our profit out at the level of 1.46130. On another note, if the price makes a breakout at the neckline level, EURCAD may remain bearish at least for two weeks.
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