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EURCAD Shorts Favored Below 1.5000

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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 cracked a massive support level yesterday.

But this wasn’t a surprise.

I wrote about EURCAD back on May 21st. In that commentary, I mentioned how a daily close below this trend line would open up downside targets.

The lower highs since last December hinted at an imminent breakdown.

In all honesty, though, EURCAD held onto this trend line longer than I thought it might, especially considering how heavy the pair looked in May.

But I don’t mind waiting.

As long as the pair stays below this 1.5000 region, I favor selling EURCAD.

Key support comes in at the 2018 low of 1.4750 with a daily close below that exposing the 2017 double bottom at 1.4470.

Keep in mind that 1.4470 is also very near the inception point of this trend line.

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I suspect this area will serve as a magnet for EURCAD which gives us 500 pips to work with when measuring from 1.5000.

The question now is, will we get a retest of the 1.5000 area as new resistance?

It’s always a toss-up, but given the minor support around 1.4900 and the distance between yesterday’s close and the 10 and 20 EMAs, I prefer waiting for a bounce.

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13 comments
Justin Bennett says

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Akira Nishiyama says

thank you very much sir

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Mark says

Hi sir morning….sir honestly speaking u are great and awesome teacher….sir trully im saying this from bottom of my heart MAY GOD BLESS U AND YOUR FAMILY bcoz u your teaching hv change my life from an impatience trader to a patience businessman trader….u are AWESOME….i love u sir and Tq

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Tuvinhquay says

cảm ơn ngài rất nhiều

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    Tuvinhquay says

    thank you very much

    Reply
cK says

Thank you Justin for your Timely Analysis. May All benefits from your Skills & Wisdom 🙏

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Ali says

Mr justin thanks for mentioning this pair , would you please let me know what do you think about NZDUSD . Thankyou again sir

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OGBORO preciouslife says

Nice one

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Joel says

Good analysis Justin.
Please how many dollars does it take to get into the membership area?

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siyabonga says

Great heart Mr j thanks a lot

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Stephen says

Justin do you give daily trading signals to your member?

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Talha says

Look like a fake out

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Bannet says

It bought yesterday with a high intensity….doesn’t it mean that there’s a high demand??

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