Good evening guys, EURCAD offers us a B-Type Short Setup (5 Confluence Factors). Price broke below support and has now retested the 50 EMA with a hightestish type candle which also rejected the 0.5 fibonacci retracement level.
Keep in mind though that the run is pretty overextended, which is the reason why I would take profits above the next horizontal support level. I would've preffered if today closed as a very distinguished hightest, as I did not get that I will put a pivot entry order. Stop Entry and Target will be as shown. Happy Trading and a good week.
Trade active
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Luckily we got entered with this trade, having a outstanding pivot order. The target was nearly hit,however I will not move the stop until bullish price action forms, as the initial trade idea is still valid. Will keep you updated!