Dear Daily Price Action Setup Traders

The last trade of USD/CAD did not play out really well. The price reached out to get to our primary target, but in the end sellers pushed it down and our stop-loss was hit. As I was writing in the previous article, it is a big resistance zone and that has played a major role. On the other side, we have a good daily price action setup coming from the EUR/USD.

Today’s daily price action setup is coming from the EUR/USD, as I have mentioned. We are in a major downtrend and the price has made a nice correction in the past few sessions. The daily candle is a bullish rejection candle resembling a pin bar and is appearing just below a major resistance area. I believe that this could trigger further selling appetite in the trading sessions to follow. The short entry for this pair would be: Short at 1.0925; Stop-loss at 1.1060; The primary target is the level of 1.0850. The following price target is the level of 1.0650.

Happy Trading,

Colibri Trader

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