EURCAD produced some big H4 bearish candles. Thus, the H4 chart seems to be bearish as well. Today’s first H4 candle came out as a bearish candle. It is now time for the price to have some consolidation. There is a level nearby which has the potential to be the level of resistance. If that level is held and an H4 engulfing candle is produced, then the pair would head towards the South with good selling pressure. Let us have a look at the H4 EURCAD chart.

This is another trade idea generated by the Elite Swing Trader.

The level of 1.49925 is the level from where the price had a bounce from. The level of 1.50220 has the potential to be the level of resistance. The price had reacted on the level earlier on a number of occasions. If the level is held and it ends up producing an H4 bearish engulfing candle, then an H1 breakout at the level of 1.49925, would lead the price to go towards the level of 1.49400 without having that many pauses. Let us have a look at the summary of the trade

• Sell Stop Order: 1.49932
• Stop Loss: 1.50283
• Take Profit: 1.49318

The H4 chart shows that the price is trying to come out from a long congestion. If it does manage to come out from the range, it has to have a breakout with enough momentum. The breakout candle has to be a very good-looking H1 bearish candle. Let us wait and see how the breakout candle comes out at the end. Click Here to learn more about Elite Swing Trader

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