The EURCAD daily chart currently shows a powerful downtrend in motion. These are the market conditions we need to target with priority over the others because it’s stable trends like these which generate the ‘money making signals’.
The situation on the EURCAD at the moment is this; The market has just recently broken through a support love and created a new swing low. This week EURCAD retraced back up and retested that old support as new resistance. IT’s important this level hold as resistance if this downtrend is to remain intact.
The last two daily candle closes have formed indecision candles, which communicate price is stalling and churning away unable to move higher or lower. This will look like consolidation on the lower timeframes. If the market can break downward out of the Indecision Candle cluster low’s, we could see the next leg downwards of this downtrend.