EURCAD: Entry SHORT on this REJECTION!
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🟢Forex Pair:
EUR/CAD
⚪Technical Analysis:
In the weekly time frame, since August 2012, the price has been following a really strong ascending channel, keeping the price over its dynamic trendline.
It has currently reached an interesting resistance zone that rejected the price many times in the past.
In the daily time frame, since July 2020, the price has been following a strong descending channel, bouncing many times on its S/R dynamic lines.
It's currently re-testing a S/R zone at about 1.54950.
In the h4 time frame, on the 13th of January 2021, the price broke a secondary trendline, reached and got a rejection on the main channel and it's now re-testing the same level with a great chance to collapse down.
🔴Conclusion:
During the last days we saw more than 200 pips of uptrend, and I'm confident to see a trend correction until the support zone at about 1.54150.
I'll be waiting for a proper rejection on the secondary trendline before entry short 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:
In the weekly time frame, since August 2012, the price has been following a really strong ascending channel, keeping the price over its dynamic trendline.
It has currently reached an interesting resistance zone that rejected the price many times in the past.
In the daily time frame, since July 2020, the price has been following a strong descending channel, bouncing many times on its S/R dynamic lines.
It's currently re-testing a S/R zone at about 1.54950.
In the h4 time frame, on the 13th of January 2021, the price broke a secondary trendline, reached and got a rejection on the main channel and it's now re-testing the same level with a great chance to collapse down.
🔴Conclusion:
During the last days we saw more than 200 pips of uptrend, and I'm confident to see a trend correction until the support zone at about 1.54150.
I'll be waiting for a proper rejection on the secondary trendline before entry short 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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