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EURCAD: Sell Setup After Impulsive Move to ResistanceFOREXCOM: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.
Short
by DanieIM
2
USDJPY Key Support Broken — Bearish Momentum in PlayFOREXCOM:USDJPY has broken below a key support zone, indicating that sellers may have gained control. This area was previously a strong demand zone, but the decisive break suggests bearish momentum is taking over. The current market structure implies the potential for a retest of the broken support level, which could act as resistance before a continuation to the downside. If the price confirms rejection at the retest with bearish candlestick patterns or wicks, I anticipate a further decline toward the 153.700 level, where a stronger demand zone resides. This setup aligns with the concept of a classic break-and-retest scenario, where the market resumes the downward move after a corrective pullback.
Short
by DanieIM
1
EURAUD Testing Key Resistance Zone: Potential Sell SetupOANDA:EURAUD has reached a significant resistance zone, marked by historical price rejections. The recent bullish momentum has brought the price into this key resistance zone, where sellers have previously gained control. The current market structure suggests the potential for a reversal, as this level has consistently acted as a barrier to further upward movement. If the price confirms a rejection from this resistance zone, such as with bearish candlestick patterns or wicks signaling strong rejection, I anticipate a move downward toward the 1.66246 level. Patience is key—look for confirmation signals before taking any short positions.
Short
by DanieIM
1
GBPCAD at Key Resistance Zone: Potential Sell SetupOANDA:GBPCAD has reached a key resistance zone. The market structure suggests a possible reversal as buyers may face exhaustion. If the price shows rejection through bearish patterns or wicks, I expect a move down toward the 1.78455 level. However, if the price successfully breaks and holds above the zone, this would invalidate the bearish outlook and could open the door for further upside. Traders should monitor price action closely at this critical resistance area. This setup signals a potential correction after the bullish trend. Wait for confirmation before entering short positions.
Short
by DanieIM
3