EURCAD | Short D1 | Market Exec |Oil Over Euro

Technical Confluences for Trade:
- Stochastics are in Overbought Conditions on D1, H4 and H1 time-frame. D1 is also entering Overbought Conditions.
- Price action is at last month's Resistance Trendline
- Price action is in a Consolidation zone
- Targeting the 38.2% Fibo retracement

Fundamental Confluences for Trade:
- ECB plans to cut interest rate next month would weaken the EUR
- Oil price should sustain with all the ongoing geopolitical risks; supporting CAD economy

Suggested Trade:
Entry @ Area of Interest 1.4760 - 1.4790
SL @ 1.4820
TP 1 @ 1.4709 (Close Half-Position & move SL to Entry level once TP1 is achieved)
TP 2 @ 1.4664
Risk-to-Reward @ Approx. 2.34 (Depending on Entry Level)

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Disclaimer: The above suggestion is an personal opinion in general and does not constitute as investment advice. Any decisions taken based on the above suggestion is purely your own risks.

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Comment:

TP 1 achieved. Take profit on half the position & move the SL to Breakeven Levels.

Enjoy the remaining risk-free trade. :D

Trade closed: stop reached:

Stop-loss levels hit with remaining half position.

It was risk-free so moving on, next trade.