EURCAD – Bearish Continuation towards 1.4500?

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

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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

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Vladimir Ribakov

Following 11+ years of trading experience, trading my own accounts as well as for hedge funds and brokerages, I have decided to fulfill my destiny and to personally mentor Forex and Commodities traders. When I released the “Broker Nightmare” (software that hides trades from brokers) 8 years ago, I found an overwhelming number of frustrated people who genuinely wanted to learn how to trade the Forex market, but instead found themselves scammed and misled. Over the years I have also release other trading systems based on my trading strategies, and met a lot of people on my worldwide Forex seminars. We’ve formed a close Forex community and we meet once or twice a year in various locations in Europe.