EURCAD: An upcoming BEARISH WAVE?
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🟢Forex Pair:
EUR/CAD
⚪Technical Analysis:
Since the end of December 2020, the price has been moving with a strong downtrend, breaking through the main S/R level at about 1.54200 but quickly back above the same level.
On the 28th of January 2021, the price reached an interesting S/R zone at about 1.56000, that rejected it many times in the past.
Few re-tests on the same level and the price started falling down again, trying to reach now its previos support zone.
If you would like to have a quick look on my previous analysis, you can click the link below:
🔴Conclusion:
In the daily perspective the price is clearly following a strong descending channel and it seems is starting a new bearish wave.
I'm confident to see the price breaking through the support zone at about 1.54100, falling down until its next support.
I'm already holding a short position on this trade and I'd add a new short position if the price will properly break the level 1.54000.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
🟢Forex Pair:
EUR/CAD
⚪Technical Analysis:
Since the end of December 2020, the price has been moving with a strong downtrend, breaking through the main S/R level at about 1.54200 but quickly back above the same level.
On the 28th of January 2021, the price reached an interesting S/R zone at about 1.56000, that rejected it many times in the past.
Few re-tests on the same level and the price started falling down again, trying to reach now its previos support zone.
If you would like to have a quick look on my previous analysis, you can click the link below:
🔴Conclusion:
In the daily perspective the price is clearly following a strong descending channel and it seems is starting a new bearish wave.
I'm confident to see the price breaking through the support zone at about 1.54100, falling down until its next support.
I'm already holding a short position on this trade and I'd add a new short position if the price will properly break the level 1.54000.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
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