EUR/CAD waiting an additional correction for a short entry

07.03.2017 / 11:35

Rating:

EUR / CAD: 07.03.2017 D1 chart.

Downtrend and mid-term consolidation.

Price under diagonal and horizontal resistances - negative signal.

Price action: Pin bar on resistance levels - likely bearish impulse.

Indicators:

The price stays below the 200SMA - downtrend in force.

Price is trying to breakthrough the 100SMA which forms pin bar - a negative signal.

DeM (14) above 0.7 which will probably turn after seeing more and more small bars.

The pair is very volatile and we can not wait for a better price than the upper shadow of the pin bar - where it is likely to form a new upper shadow.

Entry price: 1.4250

SL: 1.4360

Alternative scenario: if price breaks and retains at least 3 bars above the resistances will break the negative scenario.

Trader Nikolay Georgiev

Varchev Traders

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EUR/CAD waiting an additional correction for a short entry

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