Today, our free forex signals service trade is a sell order in EUR/CAD. The price will go down if the EUR resumes its bearish trend.
The EUR/CAD cross retreated a little after reaching a strong resistance area. Still, a larger downside movement needs confirmation. The pair was trading around the 1.3678 level at the time of writing.
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Technically, the price action signaled that the swing higher ended, and the sellers could take the lead in the short term. But, surprisingly or not, the Euro dropped even though the Eurozone data came in better than expected.
ZEW Economic Sentiment was reported at -29.5 points above -42.0 estimates, while the German ZEW Economic Sentiment came in at -34.3 points versus -43.0 expected. Today, the US inflation data could greatly impact the EUR/CAD pair. So, you have to be careful, as the sentiment could change.
German Final CPI 0.8%
Today, the German Final CPI reported 0.8% matching expectations and 0.8% growth in the previous reporting period. From the technical point of view, the EUR/CAD pair found resistance at the 1.3760 – 1.3765 area.
It has failed to stabilize above the ascending pitchfork’s median line (ML), signaling strong sellers. The pair could drop deeper if it stays under the descending pitchfork’s upper median line (UML).
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Free forex signals – Sell EUR/CAD at 1.3657
Free forex signals entry price and take-profit
Instrument: EUR/CAD
Order Type: SELL STOP
Entry price: 1.3657
Stop Loss: 1.3782
TP1: 1.3471
My Risk: 1%
Risk / Reward Ratio: 1:1.5
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