EURCAD: The price BACK to its TRENDLINE
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🟢Forex Pair:
EUR/CAD
⚪Technical Analysis:
Since the end of December 2020, the price has been moving creating an interesting symmetrical triangle pattern.
On the 20th of January 2021, the level at about 1.52750 rejected the price, ending a strong bearish movement.
This level defined our secondary trendline, re-tested during the 5th of february.
Few hours ago, the price got a second rejection on the daily support level at about 1.54300 and there is a possibility to see a new re-test of its trendline.
🔴Conclusion:
In the daily chart, the price closed with an interesting bearish pinbar just around its EMA 200 and it could define a possible sign of weakness.
In the H4 chart we still have a bullish movement but I'm confident to see an upcoming downtrend, the S/R zone at about 1.54300 is a strong area that rejected the price many times in the past and the price got a rejection just below its ema 200.
By the way, I wouldn't get a position right now, instead, I'll be waiting for the price to reach its secondary trendline and then I'll try to understand the price action on that area before planning my short position on this trade.
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 creating an interesting symmetrical triangle pattern.
On the 20th of January 2021, the level at about 1.52750 rejected the price, ending a strong bearish movement.
This level defined our secondary trendline, re-tested during the 5th of february.
Few hours ago, the price got a second rejection on the daily support level at about 1.54300 and there is a possibility to see a new re-test of its trendline.
🔴Conclusion:
In the daily chart, the price closed with an interesting bearish pinbar just around its EMA 200 and it could define a possible sign of weakness.
In the H4 chart we still have a bullish movement but I'm confident to see an upcoming downtrend, the S/R zone at about 1.54300 is a strong area that rejected the price many times in the past and the price got a rejection just below its ema 200.
By the way, I wouldn't get a position right now, instead, I'll be waiting for the price to reach its secondary trendline and then I'll try to understand the price action on that area before planning my short position on this trade.
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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