For today’s Price Action Setups review I picked only those pair that can give trading signals during current session. Here we go:

EUR/CAD:

After the macro data from Canada there was strong breakout and rapid turn back. If the candle’s minimum from Friday will be overtaken it will give a confirmation of false breakout. However, there are clear sell Price Action signals, event in the smaller intervals (H1, H4). It is worth to observe this currency pair.

EUR/JPY:

Also on Euro to Yen there was a false breakout on Friday – the price had overtaken the resistance but hast not been able to keep above it. Today, PA sell signals may be used to open shorts – but they must be clear!

GBP/CAD:

A clear sell signal for Looney. A large pin bar candle on the daily chart. You can trade it in few different ways:

-Sale after breaking the minimum, stop loss above the maximum,

– Sale after breaking the minimum, stop loss above 50% of the abolition of the candle (it gives better profit-to-risk ratio than in the first cane – the stronger likelihood of loss),

– Sell limit around 50% of the abolition of the candle, SL above the maximum. Better profit-to-risk ratio than in the first case and safer stop loss than in the second one. But there is still a risk, that there will not be a correction.

GBP/USD:

Price is approaching the key support zone, which coincides with the Fibonacci’s 38.2% internal abolition, which strengthens it more. It is worth to look for buy signals there.

USD/JPY:

Price rebounded from the resistance. Price Action sell signals in this area will give a chance to open short positions. It is worth to observe lower timeframes.

That is all for today. If you want to grab next portion of Price Action Setups then follow us tomorrow – we publish PA Setups review five days in the week before the noon (CET). Stay tuned!

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