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Euro / Canadian Dollar
Short
Updated

EURCAD: Sell Setup After Impulsive Move to Resistance

EURCAD is approaching a significant resistance zone, marked by historical price rejections. This level aligns with a key area of interest where sellers have previously regained control, causing substantial bearish moves.

The current market structure suggests that a potential rejection could occur if price action confirms it. If we observe bearish signals, such as a bearish engulfing candle or clear wicks rejecting the zone, the market may reverse and head lower.

I anticipate that if sellers take control, the price could move downward toward the 1.50000 level, which represents a logical target within the current market structure. This setup reflects the potential for a retracement after an impulsive move, supported by the confluence of previous price behavior and the current structure.

Trade active
Trade closed: target reached
Take Profit Hit
DanieIM
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DanieIM

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