EURCAD (Daily) SHORT IDEA: Short NOW on the MAIN RESISTANCE!
POTENZIAL PROFIT: UP TO 180 PIPS
TECHNICAL ANALYSIS:
-Since the end of March, the price followed a downtrend, bouncing and stopping the trend on the support level at about 1.51067, starting a consolidation period until the beginning of July 2020.
-During a strong momentum period, the price quickly moved up reaching the resistance zone at about 1.58977, that rejected and inverted the trend.
-After a small correction during a high volatility period, the price continued moving in a side trend, bouncing more times on a new daily support zone at about 1.54000.
CONCLUSION:
The price broke the descending channel resistance on the 17th of December, reaching an importand weekly resistance.
An Harami bearish candlestick pattern, a long shodow on the last red upbar made me think about an inversion of the trend, 2 red downbar could definitely confirm that!
I've already a short position up to 180pips! here the details:
ENTRY POINT: 1.56039
STOP LOSS: 1.57357 (0.58%)
TAKE PROFIT: 1.54306 (1.37%)
❤️If you enjoy my FREE Technical Analysis, let me know that with a big LIKE, I'll be so glad!
Have you got some similar or interesting idea? Feel free to leave a comment below sharing your idea!
Are you interested getting more FREE Technical Analysis like this? SUBSCRIBE my channel and you won't miss anything!❤️
Trade Safe,
Gianni
TECHNICAL ANALYSIS:
-Since the end of March, the price followed a downtrend, bouncing and stopping the trend on the support level at about 1.51067, starting a consolidation period until the beginning of July 2020.
-During a strong momentum period, the price quickly moved up reaching the resistance zone at about 1.58977, that rejected and inverted the trend.
-After a small correction during a high volatility period, the price continued moving in a side trend, bouncing more times on a new daily support zone at about 1.54000.
CONCLUSION:
The price broke the descending channel resistance on the 17th of December, reaching an importand weekly resistance.
An Harami bearish candlestick pattern, a long shodow on the last red upbar made me think about an inversion of the trend, 2 red downbar could definitely confirm that!
I've already a short position up to 180pips! here the details:
ENTRY POINT: 1.56039
STOP LOSS: 1.57357 (0.58%)
TAKE PROFIT: 1.54306 (1.37%)
❤️If you enjoy my FREE Technical Analysis, let me know that with a big LIKE, I'll be so glad!
Have you got some similar or interesting idea? Feel free to leave a comment below sharing your idea!
Are you interested getting more FREE Technical Analysis like this? SUBSCRIBE my channel and you won't miss anything!❤️
Trade Safe,
Gianni
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