EUR/CAD Short – Multi-Week Weekly Rejection + Bearish Continuation Setting Up
Taking a short on EUR/CAD after sustained weekly rejection, daily structure shift, and intraday bearish continuation signs.
Weekly Chart:
Strong rejection off a key weekly supply level — multiple weeks confirming resistance:
Initial rejection week of March 10th.
Three back-to-back rejections again during April 7th, April 14th, and April 21st.
Clear seller control at this zone, with the latest weekly candle forming a bearish hammer — priming the setup for continuation lower.
Daily Chart:
Yesterday, we gapped down, tapped a daily level, and closed bearish — signaling sellers are firmly stepping in.
Momentum has shifted toward the downside cleanly.
4H Chart:
Three candles of bearish behavior after an initial bullish impulse:
Bearish hammer, doji, and strong bearish hammer sequence printed.
Price is now stalling at trendline support but showing signs of pressure building for a breakdown.
1H Chart:
Some minor bullish bounce off trendline support, but the structure is weakening — supply consistently capping rallies.
Trade Thesis:
Expecting a trendline break soon, accelerating momentum to the downside once 1.5700 gives way.
Targets:
First target: 1.5700 (structure break)
Second target: 1.5500
Third target (extended): 1.5330
Risk Management:
Conservative management until 1.5700 breaks.
Aggressive partials after clearing 1.5500 toward long-term target.
Taking a short on EUR/CAD after sustained weekly rejection, daily structure shift, and intraday bearish continuation signs.
Weekly Chart:
Strong rejection off a key weekly supply level — multiple weeks confirming resistance:
Initial rejection week of March 10th.
Three back-to-back rejections again during April 7th, April 14th, and April 21st.
Clear seller control at this zone, with the latest weekly candle forming a bearish hammer — priming the setup for continuation lower.
Daily Chart:
Yesterday, we gapped down, tapped a daily level, and closed bearish — signaling sellers are firmly stepping in.
Momentum has shifted toward the downside cleanly.
4H Chart:
Three candles of bearish behavior after an initial bullish impulse:
Bearish hammer, doji, and strong bearish hammer sequence printed.
Price is now stalling at trendline support but showing signs of pressure building for a breakdown.
1H Chart:
Some minor bullish bounce off trendline support, but the structure is weakening — supply consistently capping rallies.
Trade Thesis:
Expecting a trendline break soon, accelerating momentum to the downside once 1.5700 gives way.
Targets:
First target: 1.5700 (structure break)
Second target: 1.5500
Third target (extended): 1.5330
Risk Management:
Conservative management until 1.5700 breaks.
Aggressive partials after clearing 1.5500 toward long-term target.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.