HayatoDragonFX

EURCAD, daily tf, sell ascending trendline break

Short
FX:EURCAD   Euro / Canadian Dollar
Hello my friends,

Another trade to take today is EURCAD pairs.
I've been watching this pairs since the big bearish candle took out that ascending trend line during December 4th.

We could see this pair go lower again because the last 2 days candle has failed to closed back above the trendline.
This trend line pretty much become a resistance now and there is horizontal resistance as well at 1.5530 area.
Notice EMA10- and EMA-20 now become a resistance as well and located around 1.5520-30 area.

We could draw a conclusion that 1.5530-20 area is an area of confluence resistance and it will take a big power from buyers to take this resistance down.
Notice also the last 2 daily candles are bearish pinbar .
It means sellers are in control of this pair and don't want EURCAD to go higher for now.

Sell EURCAD 1.5525
Stop loss 1.5580
Take profit 1.5360 (3R)

RR ratio 1 : 3
Use only 1-2% risk
Good luck

Disclaimer : i hold EURCAD sell from 1.5525