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EUR/CAD: Buyers are waiting for bearish correction

EagleFX

EUR/CAD produced a bearish inside bar yesterday. The H1 chart shows that the price made a bullish move earlier today and had a rejection at yesterday’s highest high. It then made another bullish move and made a breakout at the level. As of writing, the pair is trading above the breakout level. If the price comes back at the breakout level and produces a bullish reversal candle, the buyers may find an opportunity to go long in the pair.

Chart 1 EUR/CAD H1 Chart


The chart shows that the price had a rejection at the level of 1.56050 and made a bearish move. It found its support around the level of 1.55600 and produced a bullish Marubozu candle. Since then, the price has been heading towards the North and made a breakout at the level of 1.56050. If the price comes back at the breakout level and produces a bullish reversal candle, the buyers may go long above the level of 1.56350.

Trade Summary:

Entry: Buy above 1.56350

Stop Loss: Below 1.56050

Take Profit 1: 1.56800

Take Profit 2: 1.57150

Take Profit 3: 1.57550

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