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EUR/CAD: Does the flipped resistance play a role here?


EUR/CAD has been heading towards the South at a moderate pace. The pair produced two doji candles on the daily chart. However, the H4 chart shows that the price made a strong bearish move. The sellers are to wait for the price to consolidate and produce a bearish reversal candle to offer them a short entry. A significant level may work as a level of resistance. Let us find out how the level may end up offering entry to the sellers.

Chart 1 EUR/CAD H4 Chart

The chart shows that the price made a bearish move. It consolidated for a while and continued the move. On its way, it made a breakout at 1.51870. As of writing, the pair is trading below the level. If the price goes back to the level of 1.51870 and produces a bearish reversal candle, the sellers may go short below 1.51640. If the price continues to go further down before making the upside correction, the sellers may go short below the wave’s lowest low.

Trade Summary

Entry: Sell below 1.51640
Stop Loss: Above 1.51870
Take Profit 1: 1.51225
Take Profit 2: 1.51000
Take Profit 3: 1.50600

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