EURCAD Trading Opportunity

The price is at the important zone which can give trading signals. If the market breaks the downtrend line and 1.54000 resistance level, it will give us a confirmation for further upward movement. Pending orders for buy can be placed above 1.54200 with stop orders below 1.53200 level. Profit targets should be placed at the resistance level.

Alternative variant: if the price bounces from the downtrend line and drops below the cloud, it will give us bearish market and a new sell opportunity with entry level below the local swing low. Stop orders for short trades must be placed above the local swing high and profit target should be at the support.

Comment:

The pending short order was not activated. The price moved upward and we should open a long position based on a breakout signal above the cloud.