EURCAD Weekly Trendline Violated! Price Likely To Target 1.43500
Have a look at the main weekly TF for EURCAD. The horizontal lines represents support and resistance levels taken from the monthly TF. The July's monthly candle closed below 1.47000 support and additionally the August's Candle formed a strong doji rejecting and closing below the 1.47000 support. This is a strong indication that the price would likely gather pace towards the next support present at 1.43500. Furthermore, the Longterm trendline on weekly and monthly charts was violated, Further suggesting a decline is on the cards!
The chart above is Monthly TF charts of EURCAD indicating the LONG-TERM Trendline violation and monthly candle breaching and closing below the support.
Fundamentally the EUR is bound for further incoming weakness as the ECB is struggling to hit their inflation target and the new incoming president has already suggested the rates could further go into negative territory in order to support the growth.
I am already SHORTING the EURCHF, which has slight correlation to this pair and furthermore i am already SHORT on the USDCAD. Due to these factors and i am not willing to take this trade because it would increase my risk exposure and violate rules of trading. For those of you who would like to take this pair SHORT, you could do this at your own risk with the target of 1.43500 and RR of 1:1. This trade in my view is a high probability trade with many confluence factors in favor of us. cheers
The chart above is Monthly TF charts of EURCAD indicating the LONG-TERM Trendline violation and monthly candle breaching and closing below the support.
Fundamentally the EUR is bound for further incoming weakness as the ECB is struggling to hit their inflation target and the new incoming president has already suggested the rates could further go into negative territory in order to support the growth.
I am already SHORTING the EURCHF, which has slight correlation to this pair and furthermore i am already SHORT on the USDCAD. Due to these factors and i am not willing to take this trade because it would increase my risk exposure and violate rules of trading. For those of you who would like to take this pair SHORT, you could do this at your own risk with the target of 1.43500 and RR of 1:1. This trade in my view is a high probability trade with many confluence factors in favor of us. cheers
