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EURCAD Shorts Favored Below 1.4750

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Important: This site uses New York Close Forex Charts so that each 24-hour session starts and ends at 5 pm EST. These charts are essential for trading price action.

The EURCAD broke below a key level on July 3rd.

I wrote about 1.4750 on June 19th. We were interested in this level following the break below wedge support near 1.4970.

The pair ended up closing back above that wedge bottom, but later confirmed our suspicion that EURCAD wanted to head lower.

Yesterday’s session tested the 1.4750 area as new resistance.

Notice the long upper wick from yesterday’s candle. That’s an indication that sellers are camped out near that 1.4750 region.

As long as 1.4750 holds as resistance on a daily closing basis, I favor shorting EURCAD on pops into that area.

I’ll be forced to reconsider my outlook if we see EURCAD breach yesterday’s high at 1.4773.

As I mentioned last time, key support comes in at 1.4480 with a minor area at 1.4600.

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EURCAD key resistance area

About the Author Justin Bennett

Justin Bennett is an internationally recognized Forex trader with 10+ years of experience. He's been interviewed by Stocks & Commodities Magazine as a featured trader for the month and is mentioned weekly by Forex Factory next to publications from CNN and Bloomberg. Justin created Daily Price Action in 2014 and has since grown the monthly readership to over 100,000 Forex traders and has personally mentored more than 3,000 students.Read more...

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  • jimoh says:

    hi sir, can you please give outlook on EURAUD

    • PETER says:

      EUR/AUD LONG TERM DOWNTREND, ANY REVERSE JUST SELL

  • Muhammad mohsin says:

    Your signal really goog,i have tested your both signals of eur usd and cad jpy it really amazing

  • Azu Emmanuel Ajuka says:

    Good day Justin, please i would like you to analyze GBPJPY. The pairs behavior this days are unpredictable. Thanks.

  • Clement says:

    Nice

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