Forex Positive

EURCAD ready to reverse

FX:EURCAD   Euro / Canadian Dollar
EURCAD ready to reverse

EURCAD has broken below the support zone of 1.4060-90. This strong support zone has held nicely since the beginning of Feb. And of most importance, there are at least 5 touches in this red rectangular zone since Feb.

With 5 or more touches, a breakdown of this zone is a strong bearish technical indication. If EURCAD rallies to re-test this zone, expect it to become a strong resistance. Look to short if EURCAD retraces to the 38.2% FIB retracement at 1.4090-00.

Short EURCAD 1.4090-00
SL 1.4150
TP 1.3800

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