EURCAD has been bearish on the H4 chart. The price has been heading towards the South with good selling pressure. Last Friday’s daily candle came out as a bearish candle and today’s first two H4 candles came out as corrective bullish candles. The last H4 candle closed within a level, which has the potential to hold the price and produce an H4 bearish reversal candle. If the price continues to go towards the support and makes a breakout, the sellers may find an opportunity to go short on the pair. Let us have a look at the H4 EURCAD chart…
This trade idea was generated by our powerful Elite Swing Trader System.
The price found its support at the level of 1.44650 after being very bearish. The last H4 candle closed within the level of 1.44890. This is the level where the price reacted earlier. If the level holds the price and produces an H4 bearish engulfing candle followed by an H4 breakout at the level of 1.44650, and H1 bearish engulfing candle at the pullback will be the signal to go short on the pair. Let us have a look at the summary of the trade…
- Sell Stop Order: 1.44632
- Stop Loss: 1.45009
- Take Profit: 1.44206
The Take Profit level is daily support. Thus, an abrupt upward movement may take place once the price hits the Take Profit level. The way the daily price has been heading towards it, we may get a breakout. However, we must wait for that to find that out. Meanwhile, we shall come out with the profit that we may make from this setup.
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