EUR/CAD Trading Analysis (25/06/2024)
The trend is ascending. Bulls tested the historical peak and formed a key reversal on the H4 timeframe. The ascending truncated structure ended with a breach of the sloping channel on the M5 timeframe, and there is a bearish divergence on the Awesome Oscillator. The trading plan goes against the trend and is based on the historical resistance level and the key reversal pattern on the H4 timeframe.
Trade idea:
- Buy at the breach of 1.5940.
- Stop-loss at 1.5961.
- Price targets are 1.5914 and 1.5850.
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