EURCAD / 4H / Price rejection and continued to show weakness

(2020-1-20)

Hi Fellow Traders,

In this article, we will be looking at the recent Trend Line breakout on the EURCAD pair.

Previously since 30-Oct-2019, we can see EURCAD price has shown strong support near 1.4540 price level. (Blue Zone)

On 03-Jan-2020, price has successfully broke and closed below the support area (Blue Zone), which indicates price could continue going lower and the support now becomes the new resistance.

Recently, we saw price retested and tried once again to push through the resistance and failed. We are looking for price to rebound for a shorting opportunity near the Blue Zone.

Gordon @GoreStreetForex