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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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⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
To me it seems to be still bullish on the daily, but let's see. Best of luck
FXtrades-gp
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@WorldclassFX, 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 :)