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EUR/CAD supported above 1.4650

Eur/cad has rallied to 1.4920 area before giving it all back last week and falling to 1.4650 area where it found support.

The pair has ultimate support at this area , however the pair has much more stronger support "which is now a resistance" in the area between (1.4725 and 1.4780).

The pair has formed a bearish trendlin on the 1h chart , however it is support by 1.4690 and 1.4650 area ..A Close below 1.4690 is a warning and a close below 1.4650 on the 4h chart will be an invalidation of a long trade.

On the otherside , look to add position to current level at 1.4690 and more after 1h close above the trend line at 1.4740 area and one more position on close above 1.4780 on the 4h chart targeting 1.4980 and 1.5130

Happy trading

Remember to follow me on twitter for updates on this trade and more trading ideas.

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