Technicals
EURCAD shorts down to weekly support at 1.44750This trade idea became active after yestrerday's daily bearish engulfing candle:
1. Price failed to break daily resistance around 1.47600-1.48600. It made a fake breakout and managed to push back again to the downside.
2. Yesterday's bearish engulfing candle signals the power that the sellers currently have, confirming entry to the downside.
3. The power of yesterday's bearish engulfing candle managed to break again the weekly trendline (switch to weekly timeframe to observe it better). This is the 3rd time that it breaks this trendline, hopefully this time it could push further to the downside, breaking it definitely.
Fundamentally I see a weak euro due to recent weakness showed by Germany's manufacturing indicators, UK uncertainty, Italy problems and the possibility of lowering more interest rates.
Take profit target: next weekly support around 1.44750
Stop loss: around 1.48460 should be enough to give it some space in case the trade doesn't turn in our favour at the beginning
Buy Limit 1.31 Luego de completar sus ciclos, nos encontramos en una gran acumulacion, donde el precio posiblemente suba para luego seguir cayendo o a su vez si rompe la linea de tendencia (amarilla) buscaremos ventas hasta 1.28, veamos como abre el mercado y como se comporta tomaremos Posiciones
