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EUR/CAD: A bearish engulfing candle driving the price down

EagleFX

EUR/CAD produced a bearish inside bar on Friday. The H4 chart shows that the price consolidated and produced a bearish engulfing candle closing well below consolidation support. If an H1 candle comes out as a bearish candle closing below the H4 lowest low, the sellers may trigger a short entry.

Chart 1 EUR/CAD H4 Chart


The chart shows that the price made a long bullish move and had a rejection at 1.59750. The price produced a bearish engulfing candle and headed towards the South. It had a bounce at 1.57475 and consolidated between 1.57475-1.58100. The level of 1.58100 has produced a bearish engulfing candle closing below 1.57475. If an H1 candle closes below the level of 1.57200, the sellers may trigger a short entry. The price may make a long bearish move here. Thus, the sellers may consider taking a partial profit and let the rest of the trade run.

Trade Summary:

Entry: Sell below 1.57200

Stop Loss: Above 1.58100

Take Profit 1: 1.56435

Take Profit 2: 1.55980

Take Profit 3: 1.55400

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