TheSupportResistanceTrader
Short

Shorting EURCAD at fib, structure and "Broken fang"!

FX:EURCAD   Euro Fx/Canadian Dollar
The EURCAD             has two times during this downtrend had trouble with the support at the purple box but has recently broken through it and is now coming back up. We look to short it when it comes back into the 1.4365s again as we then get what i call the "broken fang" setup meaning that price prints lower lows but equal highs (indicated by grey triangles).

We are also in an obvious downtrend on this pair as can be seen on the green lines indicating lower highs (zoom out).

Our stops go above the resistance level and I'm hoping to catch a 1:3 on this one as price should come back down to at least 1.426s. Moving my stops to breakeven when price hits .5 of profit.

Good luck everyone and as usual, hold your thumbs!
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