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EUR/CAD: Fibonacci level may drive prices down

EagleFX

EUR/CAD produced a long bullish candle yesterday. However, the H4 chart shows that the price consolidated around a level of resistance and produced a bearish engulfing candle. Thus, the H1 sellers may get an opportunity to go short in the pair. Let us now have a look at the H1- EUR/CAD chart.

Chart 1 EUR/CAD H1 Chart


The H1 chart shows that the price made a strong bearish move and made a breakout at the last swing low. As of writing, the last candle came out as a bullish inside bar closing within the level of 1.55630. It is a significant Fibonacci level of the last bearish wave. If the level works as a level of resistance and ends up producing a bearish reversal candle, the sellers may go short below the level of 1.55450.

Trade Summary:

Entry: Sell below 1.55450

Stop Loss: Above 1.55630

Take Profit 1: 1.55165

Take Profit 2: 1.54960

Take Profit 3: 1.54725

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