FXtrades-gp

EURCAD: An upcoming BEARISH WAVE?

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 with a strong downtrend, breaking through the main S/R level at about 1.54200 but quickly back above the same level.
On the 28th of January 2021, the price reached an interesting S/R zone at about 1.56000, that rejected it many times in the past.
Few re-tests on the same level and the price started falling down again, trying to reach now its previos support zone .

If you would like to have a quick look on my previous analysis, you can click the link below:

🔴Conclusion:
In the daily perspective the price is clearly following a strong descending channel and it seems is starting a new bearish wave.
I'm confident to see the price breaking through the support zone at about 1.54100, falling down until its next support.
I'm already holding a short position on this trade and I'd add a new short position if the price will properly break the level 1.54000.

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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

Nice one! Big Like 👍🏻
+1 Reply
FXtrades-gp Mahtab_Tradia
@Mahtab_Tradia, many thanks! :)
Reply
You're right on target
+1 Reply
@abel11 cheers man :)
Reply
keep it up brother!
+1 Reply
FXtrades-gp TheSignalyst
@TheSignalyst, yup! let's see :)
Reply
To me it seems to be still bullish on the daily, but let's see. Best of luck
+1 Reply
FXtrades-gp UnknownUnicorn11814166
@UnknownUnicorn11814166, Hi and thanks for your feedback, I probably wrong the explanation on my chart, I'm considering right now the daily bearish channel from July 2020 :)
Reply
Thanks for sharing perfect one dear
+1 Reply
FXtrades-gp MMBTtrader
@MMBTtrader, I'm so glad to hear that! thanks!
Reply
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