EUR/CAD: Searching for resistance after the bearish breakout

EagleFX Team EagleFX

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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Author

EagleFX Team

EagleFX

EagleFX Team is an international group of market analysts with skills in fundamental and technical analysis, applying several methods to assess the state and likelihood of price movements on Forex, Commodities, Indices, Metals and

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