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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.
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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