EUR/CAD: Searching for resistance after the bearish breakout
|EUR/CAD produced a daily bearish candle yesterday. Today’s price action on the H1 chart has been very bearish. The price made a breakout at yesterday’s lowest low. It is trading below itnow.As of writing, the last candle came out as a bullish corrective candle. Thus, if the chart produces an H1 bearish reversal candle closing below today’s lowest low, selling the pair may get the sellers some green pips.
Chart 1 EUR/CAD H1 Chart
The chart shows that after having a consolidation at the level of 1.45145, the price made an explicit breakout. It may not go to the breakout level. It may find its resistance around the level of 1.45040. If the level produces a bearish reversal candle, the sellers may go short below the level of 1.44895.
Trade Summary
Entry: Sell below 1.44895
Stop Loss: Above 1.45040
Take Profit 1: 1.44665
Take Profit 2: 1.44555
Take Profit 3: 1.44443
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