I recently marked up this pair with a bearish prospective ( i have attached the mark up) since then, price moved bearish and hit our take profit level. Price has moved bullish since then into what we can potentially see as a retracement. We may then see price break lower and move toward our take profit level.
Entry - grey line
Stop loss - red line
Take profit -...
EURCAD on the DAILY time frame has reacted heavily to a previous zone of reversal, closing the day as a bearish engulfing shooting star.
Wait for a pullback and further decline for an intraday short opportunity.
1. This profile is for educational purposes ONLY!
2. The setups given are my own perspective of the forex market and by no means require action!
EURCAD forming a wedge on the 4hr timeframe and coming up to resistance.
Resistance at EMA 200 on the daily timeframe and EMA 800 on the 4hr timeframe.
Ideal entry at 1.51200, targeting 1.51000 and 1.50500 respectively.
As you can see EURCAD recently has reached to a key level where this pair has acted as a support and resistance in the past. Once again we have seen a rejection at this level. Just waiting for the current 4h candle to engulf the previous green candle and will be shorting from here.
Initial tp will be 1 ATR which is around 45 pips and manage from there...