EUR/CAD has been bearish in the daily chart. The chart produced a bearish engulfing candle followed by a Doji candle. The H1 chart shows that the price made a breakout at yesterday’s lowest low. It may have found its intraday support. If the price makes a bullish correction, the sellers wait for the price to produce a bearish reversal candle at the breakout level to go short in the pair. Let us have a look at the H1- EUR/CAD chart.
Chart 1 EUR/CAD H1 Chart
The chart shows that it made a strong bearish move and got choppy for a while. The level of 1.56150 worked as a level of support. The price produced a double top and produced a bearish engulfing candle at the second rejection. It headed towards the South. On its way, it made a breakout at the level of 1.56150. The sellers may wait for the price to make a bullish correction and produce a bearish reversal candle at the level to go short below the level of 1.55920.
Trade Summary:
Entry: Sell below 1.55920
Stop Loss: Above 1.56150
Take Profit 1: 1.55650
Take Profit 2: 1.55550
Take Profit 3: 1.55400