At the beginning of last month, EUR/CAD tested the waters near the important 1.5 level.
Sellers entered the market, causing the pair to drop to 1.46.
A normal correction followed, and at the time of writing, the price is 1.4750.
The 1.48 level serves as significant horizontal technical resistance, and the recent rise appears to be a corrective move contained within a flag pattern.
All this suggests that a new leg down is probable. I am looking to sell into rallies with a 1:3 risk-reward ratio.
Sellers entered the market, causing the pair to drop to 1.46.
A normal correction followed, and at the time of writing, the price is 1.4750.
The 1.48 level serves as significant horizontal technical resistance, and the recent rise appears to be a corrective move contained within a flag pattern.
All this suggests that a new leg down is probable. I am looking to sell into rallies with a 1:3 risk-reward ratio.
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
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.
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
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.