EURCAD Sell signal on a confirmed break-out.
The EURCAD pair broke below the 1D MA200 (orange trend-line) again after getting rejected on the 1D MA50 (blue trend-line), which establishes it as a Resistance. The long-term pattern is a Channel Down (blue) since the February 10 Low and the current (dotted) Channel Down is the Bearish Leg towards a new Lower Low.
We are taking this bearish break-out signal for the 2nd phase of the Leg and will target Support 1 at 1.43300. The downtrend can extend as low as 1.42180 and -5.50% from the High (as on the June 08 Low) but best settle for an established Support. If the 1D MACD completes a Bullish Cross before the 1.43300 target is achieved, we will close the short regardless, as all MACD Bullish Crosses below the 0.00 mark in 2023 have initiated very strong rallies.
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We are taking this bearish break-out signal for the 2nd phase of the Leg and will target Support 1 at 1.43300. The downtrend can extend as low as 1.42180 and -5.50% from the High (as on the June 08 Low) but best settle for an established Support. If the 1D MACD completes a Bullish Cross before the 1.43300 target is achieved, we will close the short regardless, as all MACD Bullish Crosses below the 0.00 mark in 2023 have initiated very strong rallies.
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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