PabloSantander
Long

EUR/CAD - Ready To Pop Higher?

FX:EURCAD   Euro Fx/Canadian Dollar
559 10 15
OUTLOOK: EUR/CAD has been ranging for the past 2 weeks and has seen it range between 1.46200 area (low) and 1.54200 area (high).
With a now prominent text-book bullish pin bar evident on the daily chart (highlighted blue box), EUR/CAD looks ready to move higher
back to the 1.54200 - a key weekly Fibonacci 0% level @ 1.54339.

Note: Should prices close above the first target of 1.50300, expect target 2 insight.

CONCLUSION: BULLISH BIAS

BULL INDICATORS:

1. Daily candle closed above Weekly 23.6% Fibonacci Levels located @ 1.48399
2. Weekly Trend line (support) is still intact and yet to be broken
3. Bullish pin bar - found near key weekly trend line and Fibonacci support levels

BEAR INDICATORS

1. Weekly chart shows a long tailed bearish pin bar , which could signal a reversal once price move
to key daily & weekly resistance levels.

TARGETS

Target 1: 1.50300
Target 2: 1.54339

STOPS
Ideally place - @ 1.46591 (tip of bull pin bar )
Conservatively place - @ 1.46228 (below double bottom pattern)
I like the clean chart. Thanks
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PabloSantander Technician
Thanks Technician.
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Technician TOP PabloSantander
The idea is cleanly described on chart and on text. This is a text-book ideal example of a "Suggested Chart" .
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PabloSantander Technician
Thanks! It's taken a while, but finally nailed the structure and format. Appreciate the feedback Technician. :)
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Nice chart and well described .. well done !
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Thanks means a lot to hear you like the description.
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thanks for the information is great could you please tell me is EUR/CAD is going up?
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Hey emadudin, the direction is long (buy) - before clicking on the chart it will have the word "Long" highlighted by a green box, or red box if it mentions "Short". Hope that helps
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emadudin PabloSantander
K thanks for your reply
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I've been long on EURCAD and EURAUD for about a week now...been ranging but above my stop, so I'm ready for the pop already!
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