The Euro suffered losses recently not only against the US Dollar, but also against the Canadian Dollar. The EURCAD pair looks a lot bearish on the daily time frame, and might head further lower from the current levels. There was a bullish trend line on the hourly chart, which was broken to open the doors for more losses. Moreover, there is a bearish trend line acting as a hurdle for buyers on the upside.
So, I think we might consider entering into a sell trade around the highlighted bearish trend line as long as it stays below it.
Technical Analysis
D1– Chart highlighting the possibility of the EURCAD pair moving lower.
Entry:
H1– We can enter a sell trade in the EURCAD pair if it moves higher from the current levels and trades closer to the highlighted trend line resistance area.
Target 1: 1.4600
Target 2: 1.4550
Stop Loss: Above the trend line resistance area
Video Explanation:
Yours,
Vladimir
