FXtrades-gp

EURCAD: The price BACK to its TRENDLINE

Short
FX:EURCAD   Euro / Canadian Dollar
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🟢Forex Pair:
EUR/CAD

Technical Analysis:
Since the end of December 2020, the price has been moving creating an interesting symmetrical triangle pattern .
On the 20th of January 2021, the level at about 1.52750 rejected the price, ending a strong bearish movement.
This level defined our secondary trendline, re-tested during the 5th of february.
Few hours ago, the price got a second rejection on the daily support level at about 1.54300 and there is a possibility to see a new re-test of its trendline.

🔴Conclusion:
In the daily chart , the price closed with an interesting bearish pinbar just around its EMA 200 and it could define a possible sign of weakness.
In the H4 chart we still have a bullish movement but I'm confident to see an upcoming downtrend, the S/R zone at about 1.54300 is a strong area that rejected the price many times in the past and the price got a rejection just below its ema 200.
By the way, I wouldn't get a position right now, instead, I'll be waiting for the price to reach its secondary trendline and then I'll try to understand the price action on that area before planning my short position on this trade.

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What's your opinion? Share your idea writing a comment!

⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️

Trade Safe and Responsibly,
Gianni

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Comments

Very interesting work!
+1 Reply
FXtrades-gp caldooninvestment
@caldooninvestment, many thanks for your feedback!
Reply
nice chart
+1 Reply
FXtrades-gp imanpajand
@imanpajand, thanks so much! really appreciate
Reply
looks bearish but I am waiting for the breakout! Good idea!
+1 Reply
FXtrades-gp TopTradingSignals
@TopTradingSignals many thanks guys 😁
Reply
I can see a bear flag there as well, so definitely bearish! thanks for sharing!
+1 Reply
FXtrades-gp ProSignalsFx
@ProSignalsFx thank ! Really appreciate your feedback 🙏
Reply
I like Your beautiful analysis & thanks for sharing..
+1 Reply
FXtrades-gp MirandaSimandl
@MirandaSimandl Hi! I’m so glad you appreciate that 🙏 many thanks , I’d appreciate every suggestion to keep my next content even better :)
Reply