[EURCAD] Keep an Eye on this Important Level for Sell

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eurcad daily

One of the charts I will be watching closely within the next few weeks is the EURCAD. This market has emerged out of consolidation by breaking below the bottom support containment line.

Now price has broken free, we can expect this market to get moving. Once of the best positions to trade from is when old consolidation containment lines are re-tested as new support or resistance. In this case we want to see the old support act as new resistance. When this sort of price action swing scenario occurs – you can catch some really powerful moves.

Watching the intra day charts would be a good idea here also to capture any strong: h4, h8, or h12 sell signals that do form off this level.

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The Forex Guy is an educational Forex trading blog run by Dale Woods who has been a passionate retail Forex trader for over 6 years. Dale trades the Forex market exclusively with price action based methodologies, believing price action trading to be one of the powerful approaches used the market today, and really is the core foundation of any good trading system. Dale also strongly believes in keeping charts clean and keeping things simple, logical and uncomplicated. By making trading decisions straight off the raw price action data, you can ‘bypass’ unnecessary variables like exotic indicators, trading robots or magical pivot levels. Dale enforces the idea that there is hardly any edge trading news and economic data releases and much prefers to make trading decisions straight from the candlestick themselves. ‘The Forex Guy’ is dedicated to providing knowledge to serious and passionate traders who want to learn the art of price action trading, positive geared money management and how to psychologically condition themselves to become a professional trader.

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