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EUR/CAD: Is the daily neckline going to be held or breached?

EagleFX

EUR/CAD produced a bearish engulfing candle in the daily chart yesterday. On the daily chart, the pair made a good bullish move upon having a bounce at a double-bottom support and made a breakout at the neckline. It is trading around the level. Since yesterday’s candle came out as a bearish engulfing candle, the sellers may find an opportunity to go short in the pair.

Chart EUR/CAD H1 Chart


The chart shows that the price produced a double top and headed towards the South with good bearish momentum. It had a bounce at the level of 1.54000 twice. At the last bounce, the chart produced a bullish engulfing candle. The price may consolidate. If the price produces a bearish reversal candle, the sellers may go short below the level of 1.54000. It is going to be a breakout at a neckline in the daily chart, so it may create extra volatility.

Trade Summary:

Entry: Sell below 1.54000

Stop Loss: Above 1.54250

Take Profit 1: 1.53420

Take Profit 2: 1.53200

Take Profit 3: 1.52920

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