EUR/CAD Higher Time Frame Resistance At Spike

After the recent EUR/CAD pullback, price has well and truly rallied into daily resistance.

This daily spike is still littered across all of our euro cross charts and while ‘event spikes’ like this are often best ignored, this one is interesting because of the history at this exact level back at the end of 2015:

EUR/CAD Daily:

EUR/CAD Daily Chart

Yes, the level has been broken and chopped through once or twice, but look at how price has reacted when it has held. It’s a level that has been active for years, of course there are going to be times where it doesn’t hold to the pip.

This is okay!

EUR/CAD 15 Minute:

EUR/CAD 15 Minute Chart

I’ve also included this intraday chart with a hindsight level that we started the week with. So after the higher time frame resistance level held, we obviously want to look for shorts. Short term support turned resistance levels are ideal because of the risk:reward ratios that they offer. This level that I’ve marked is the one that jumps out at me. Did you trade it?

Looking forward though, as long as the higher time frame resistance level has held, we can continue to look for shorts just like this. Keep an eye on the @VantageFX Twitter account and don’t be afraid to share your own intraday setups playing off this level.

Risk Disclosure: In addition to the website disclaimer below, the material on this page prepared by Vantage FX Pty Ltd does not contain a record of our prices or solicitation to trade. All opinions, news, research, tools, prices or other information is provided as general market commentary and marketing communication – not as investment advice. Consequently, any person acting on it does so entirely at their own risk. The expert writers express their personal opinions and will not assume any responsibility whatsoever for the Forex account of the reader. We always aim for maximum accuracy and timeliness, and forex broker Vantage FX shall not be liable for any loss or damage, consequential or otherwise, which may arise from the use or reliance on this service and its content, inaccurate information or typos. No representation is being made that any results discussed within the report will be achieved, and past performance is not indicative of future performance.

This entry was posted in Market and tagged . Bookmark the permalink.
0 0 votes
Notify of
0 评论
Inline Feedbacks
View all comments