The EUR seems to be losing a bit of steam against the CAD and has given us a short order at 1.4847. Our first profit area will be at 1.4787 where we may take some profit. We have a trailing stop in place at 120 points but that is only in place for if there is a unexpected market event. We will have updated stop orders as the trade progress. After profit 1 we will stay in the trade for as long as the trend is bearish to maximize our profit.
Nice idea on EURCAD. Unfortunately, price has broken past your stop loss. Nonetheless, there may be bearish potential as you have identified. The 1st resistance that we have identified is at 1.5061. It is a horizontal overlap resistance with 23.6%, 38.2% and 50% Fibonacci retracement. Stochastic is approaching its resistance at 97% where a corresponding reversal could occur. If a reversal does occur, we may take a closer look at the 1.4948 support. It is a horizontal pullback support with a 38.2% Fibonacci retracement. Looking forward to see how things develop.
Please have a look at our idea and share with us what you think.
Please have a look at our idea and share with us what you think.