EUR/CAD produced a bullish engulfing candle on Friday. The H4 chart shows that the price has been choppy to start its trading week. It had a strong rejection at Friday’s highest high and produced a bearish candle closing within a significant level, which may hold the price and produce a bullish reversal candle. If that happens, the buyers may get an opportunity to go long in the pair.
Chart 1 EUR/CAD H4 Chart
The chart shows that the price made a bullish move and made a breakout at the level of 1.56750. The pair started its trading with a little gap. It produced two bullish candles and then produced a long bearish engulfing candle closing within 1.56750. If the level produces a bullish reversal candle, the buyers may go long above the level of 1.57220. The chart shows that the price has enough space to travel towards the North. It may attract more buyers to go long in the pair.
Trade Summary:
Entry: Buy above 1.57220
Stop Loss: Below 1.56750
Take Profit 1: 1.57530
Take Profit 2: 1.57800
Take Profit 3: 1.58235