EUR/CAD had a rejection at a double top resistance, and it produced a bearish candle on the daily chart yesterday. The H1 chart shows that the price made a breakout at yesterday’s lowest low and traded below the level for several hours. As of writing, the price has been bullish in the minor intraday charts. If it makes a bullish correction and produces a bearish reversal candle at the breakout level, the pair may end up producing a short signal.
Chart 1 EUR/CAD H1 Chart
The chart shows that the price made a breakout at the level of 1.51410. The price may make a bullish correction and goes back to the breakout level. If the level produces a bearish reversal candle at the breakout level, the sellers may take a short entry below the level of 1.51170. The pair may have a bounce at the level of 1.50550, which is H4 support. Thus, the sellers may consider closing the full trade around the level.
Trade Summary:
Entry: Sell below 1.51170
Stop Loss: Above 1.51410
Take Profit 1: 1.50820
Take Profit 2: 1.50700
Take Profit 3: 1.50550