EUR/CAD: Short on the retest of horizontal and diagonal resistance

20.04.2016 / 03:28

Rating:

EUR/CAD:

Date: April 20, 2016

H4 Graph: D1 short Trend, moving to lower time frame H4, possible trend change from choppy to short

The price has confirmed triple top and after correction remained below FIB 50% and diagonal resistance. After that has continued lower and possibly break below diagonal support with lower low.

Price holds below FIB 50% and break below diagonal support. We are looking for short on retest of the break at 1.44470

Alternate scenario: if the price moves up above FIB 23,6% and diagonal resistance and above 1,4540 will cancel the bearish view.

Technical Indicator:

DEM (14) H4: below 0,7 but still not in oversold teritorry

Price for Entry short around: 1,44470

SL: 1.45300

Jr. Trader - S. Fuchedzhiev

Varchev Traders

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EUR/CAD: Short on the retest of horizontal and diagonal resistance

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