The EURCAD has fired off a Pin Bar Reversal on the daily price action chart. This pin bar is sticking out and up at the high and is rejecting the recent resistance level where price recently rejected after trying to move back higher. Price in the previous few months has been trending lower on the daily chart with price making lower highs and lower lows.
If this pin bar can confirm and break lower, there is a close first support level that could be a trouble spot for price moving lower around the 1.4545 area. If price can gain momentum and break through this level, the next major support comes in around the recent lows as shown on the daily chart below;
If price cannot confirm and does not break lower, then the next resistance comes in around 1.4670 which could be a solid area to also look for short trades should any high probability price action setups present.
Keep an Eye Out: Being able to make any time frame chart in MT4 is super important because being able to use the extra time frame charts of 2hr, 8hr or 2 day etc can be vital when looking for high probability setups at quality trading areas. How to upload indicators to MT4 has recently changed since the upgrade to MT4 build 600 and with this I am going to release a new in-depth tutorial in how to both upload and use the change time frame indicator so keep an eye out over the next few days.
EURCAD Daily Chart
Related Forex Trading Articles & Videos
– Professional Forex Trading is More Than Just Making Trades
Leave a Reply