Kumowizard
Short

EURCAD - Update! Get ready for bearish signal!

FX:EURCAD   Euro Fx/Canadian Dollar
107 2 2
Weekly:
Not much change since my last post.

- HA candle has small red body. Weekly close will be likely below Kijun Sen. haDelta won't show too much change this week.
- Ichimoku setup is in an early bearish phase: Price below thick Kumo, Tenkan/Kijun bearish , Tenkan and Senkou A point down. Bearish continuation needs a weekly low sub 1,3950. That would send a bearish confirmation with Chikou Span coming below Kumo too.

Daily:
We have only see a neutral consolidation in whole February so far. This picture is still neutral, but we are close for a possible bearish Kumo break, so get ready for major short!

- The last bearish reversal attempt got blocked, Price spiked a bit, but looks like 1,4250 - 1,4300 is a firm resistance on the top side. Each last candle highs were lower.
- Price, Tenkan and Kijun all in the Kumo, so is Chikou Span, which is in the past Kumo. Absolutely neutral picture with a thin support at 1,4080-1,4100 (Kijun Sen and Kumo bottom).
- Heikin Ashi candle is again red, haDelta crosses down SMA3 below zero line. HA Oscillator turns bearish too.

If you set up a short with break below 1,4080, targetting 1,3500 and placing a protective stop above Kumo and recent candle top (ard 1,4250) provides a a 1:3,3 risk/reward ratio.
Position should be sized up below 1,3950 in line with weekly horizontal break.

p.s.: the Euro             is doomed anyway... either Grexit, or the ECB will do the job. Actually I feel more comfort to short EUR ag. CAD, NOK             and AUD rather than ag. USD at these relative valuation levels.

Krio
2 years ago
I really like your thinking about different Euro and US Dollar crosses, the way you suggest picking better relative values. Thank you very much!
Reply
1,3500 first tgt zone almost reached. I decided to take profit on 2/3 of position at 1,3535, as EUR seems to be a bit oversold now.
Reply
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