Dear Price Action Traders

The price action trading signal from last time did not play out according to plan. The sellers have returned and turned the short-term trend to the downside. After the inside bar, there was another inside bar and the buyers couldn’t hold on the pressure. The candle from today is an indecision candle, which more likely is going to bring more sellers in the following sessions. Keep on mind that we are really close to a support level and there are sitting a lot of orders.
Today’s price action signal is coming from EUR/CAD. There is a bearish rejection off the 1.3600 level. The candle’s shape is a pin bar like candle that shows indecision of sellers and more enthusiasm from buyers. Therefore, I expect to see more bullish action in the following sessions from price action point of view. My long entry for this trade would be: long at 1.3700 with a stop just below 1.3590. The first target is the level of 1.3800– a major resistance area and then 1.4000 depending on price action.
Happy Trading,
Colibri Trader