FXtrades-gp

EURCAD: Will the price COLLAPSE on this PULLBACK?

Short
FX:EURCAD   Euro / Canadian Dollar
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🟢Forex Pair:
EUR/CAD

Technical Analysis:
In the weekly perspective, since March 2020, the price has been moving creating a nice ascending channel , getting many rejections on the resistance zone at about 1.57953 and bouncing on the dynamic support on the main trendline.

In the daily chart , since May 2020, the price has been following the main weekly trendline and only few days ago it broke that for the first time.

In the h4 chart, since the end of December, after a clear rejection on the main resistance level , a strong impulse moved the price down starting a falling wedge pattern, breaking it on the 13th of January. (Many rejections on the dynamic S/R Level are an extra confirmation of the validity of that pattern).
During the last session the price reached the same level and the next price action around this zone will be essential to understand the next market movement.

🔴Conclusion: ✔️
The price broke an important weekly trendline and it's actually pullback on the dynamic S/R level of the falling wedge .
I'm confident to see the price falling down trying to reach the next secondary trendline and my next target would be the level at 1.52805.

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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

shorting in a downtrend is a good idea. thanks for sharing
+1 Reply
@abel11 always ! Thanks for your support, as always 👌😊
Reply
thanks for sharing bro
+1 Reply
FXtrades-gp Babenski
@Babenski, You're welcomed mate! hopefully you'll find it useful! :)
Reply
perfect timing and yes I believe in this bearish movement now
+1 Reply
FXtrades-gp TheSignalyst
@TheSignalyst, Thanks for your feedback Rich! Nice to know you believe in the same movement!:)
Reply
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