FXtrades-gp

EURCAD (Daily) SHORT IDEA: Short NOW on the MAIN RESISTANCE!

Short
FX:EURCAD   Euro / Canadian Dollar
POTENZIAL PROFIT: UP TO 180 PIPS

TECHNICAL ANALYSIS:
-Since the end of March, the price followed a downtrend, bouncing and stopping the trend on the support level at about 1.51067, starting a consolidation period until the beginning of July 2020.

-During a strong momentum period, the price quickly moved up reaching the resistance zone at about 1.58977, that rejected and inverted the trend.

-After a small correction during a high volatility period, the price continued moving in a side trend, bouncing more times on a new daily support zone at about 1.54000.

CONCLUSION:
The price broke the descending channel resistance on the 17th of December, reaching an importand weekly resistance.
An Harami bearish candlestick pattern, a long shodow on the last red upbar made me think about an inversion of the trend, 2 red downbar could definitely confirm that!
I've already a short position up to 180pips! here the details:

ENTRY POINT: 1.56039
STOP LOSS: 1.57357 (0.58%)
TAKE PROFIT: 1.54306 (1.37%)


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Trade Safe,
Gianni

Comments

Nice one! we expect market to rise first..
+1 Reply
Hi and thanks for you comment ! I’m so glad to read your view, I usually follow your channel too! Analysing the h4 time frame , you’re probably right and there’s a nice chance to reach your TP level ! I’m eventually waiting the price to collapse under the 1.56 level 😁 let’s see!
Reply
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