EURCAD - Trend-Following Sell Setup!

FX:EURCAD   Euro / Canadian Dollar
Hello TradingView Family / Fellow Traders. This is Richard, as known as theSignalyst.

EURCAD is still overall bearish from a long-term perspective trading inside the brown channel, and it is currently retesting the upper brown trendline.

Moreover, the zone 1.37 - 1.38 is a strong resistance zone .

So the highlighted purple circle is a strong area to look for sell setups as it is the intersection of the green resistance zone and upper brown trendline. (acting as non-horizontal resistance)

As per my trading style:
Since EURCAD is approaching the purple circle zone, I will be looking for bearish reversal setups (like a double top pattern, trendline break , and so on...)

and of course, as it retests the blue support, I will be looking for buy setups.

Always follow your trading plan regarding entry, risk management, and trade management.

Good luck!

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This analysis is done using RichTL

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