TheSupportResistanceTrader

Shorting EURCAD at important level and "Broken fang"

Short
FX:EURCAD   Euro / Canadian Dollar
The EURCAD has multiple times hit the important level of 1.463 (purple box) but has now finally broken through it. We look to short it when it retests this level as we then get what i call the "broken fang" setup meaning that price prints lower lows but equal highs. Our stops go above the resistance box and I'm hoping to catch a 1:3 on this one as price should come back down to at least 1.447. Moving my stops to breakeven when price hits 2/3 of profit.

We can also see that we are currently in a downtrend (Lower highs and lows indicated by the blue lines).

Good luck everyone and as usual, hold your thumbs!

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