Sell EURCAD ECB Interest Rate

FX:EURCAD   Euro / Canadian Dollar
The EUR/CAD pair on the M30 timeframe presents a potential selling opportunity due to the presence of a well-defined bearish channel pattern. This pattern suggests ongoing selling pressure and a higher likelihood of further declines in the coming minutes or hours.

Key Points:

Sell Entry: Consider entering a short position (selling) below the broken support level of the channel, ideally around 1.4700. This offers an entry point close to the perceived shift in momentum.

Target Levels: Initial bearish targets lie at the previous support levels within the channel, now acting as potential resistance zones:
1.4656: This represents the first level of support within the channel.
1.4628: This is a further extension of the downside target, based on the height of the recent price movement before the breakout.

Stop-Loss: To manage risk, place a stop-loss order above the broken support line of the channel, ideally around 1.4720. This helps limit potential losses if the price unexpectedly reverses and breaks back upwards.

Thank you
Trade active
Interest Rates: There's speculation that the ECB might reduce rates (cut) in June, but it probably won't be discussed next week.

Fed Influence: The US Federal Reserve is not considering reducing rates, and this might influence the ECB to wait before signaling any cuts.
Trade closed: target reached

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