Initiated a short position on EUR/CAD from a key resistance zone after a significant upward move showing signs of exhaustion.
🔻 Entry: ~1.5689
🔻 Stop Loss: 1.6100 (Approx. 3.10%)
🎯 Take Profit: 1.3390 (Approx. 14.67%)
⚖️ Risk/Reward Ratio: 4.73
Price is reacting to a weekly supply zone with multiple confluences, including weakening bullish momentum on the VMC Cipher B indicator. The divergence signals a potential top, supporting a bearish outlook.
Looking for a move back to the lower range of the broader consolidation. Patience is key on this swing setup.
#EURCAD #ForexShort #SwingTrade #TechnicalAnalysis #RiskReward #TradingView
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.