ForceFollower
Short

EURCAD In a Down Trend

FX:EURCAD   Euro Fx/Canadian Dollar
237 12 6
There are lots of things going on in this market, so it's hard not to draw yet another line depicting the forces at play. Anyway, it looks about to make another leg down very soon, probably at least to 1.45. The EUR is the weakest major ccy and the CAD is slowly gaining strength. It is possible that this market is going to meet resistance at the red sliding parallel. On the other hand, there is that black bullish fork, with its rising median line serving as a potential target to be hit. So bearish as I am about it, the failure is a part of the game.

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Disclaimer:
There is a very high degree of risk involved in trading forex . I assume no responsibility or liability for any trading or investment results. My posted statements and charts may unintentionally include inaccuracies. All content posted is for educational purposes only and is not a financial advice. The presented set-ups are not solicitations of any order to buy or sell.
ForceFollower
2 years ago
It looks like it's going to hit the black median line anyway.
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ForceFollower
2 years ago
We can call the median line hit. Next a bit of rangebound price action followed by a decline to the 1.453 area.
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ForceFollower
2 years ago
The EUR and the CHF are currently too stretched to the upside for their long-term trend and relative-strength. Sooner or later they will fall down.
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ForceFollower
2 years ago
I think that's the farthest it can get to the upside:
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ForceFollower
2 years ago
A potential scenario for coming hours:
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ForceFollower
2 years ago
I'm still short.
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pavan15589 ForceFollower
2 years ago
The pair has completed 3 equal waves towards the upside. The reversal is evident I believe as seen in your analysis.
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ForceFollower pavan15589
2 years ago
Thanks for your comment. It's just bouncing off the trend line now. The entire big decline has not retraced by 23.6% yet, so we have to allow for that to happen. But other than that I expect it to fall.
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itaskar
2 years ago
Piotr, can you see here any place to go long? :)
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ForceFollower itaskar
2 years ago
Ivan, I wouldn't be looking to go long this pair, esp. because the euro is the weakest of the majors. But I have just take profit on this pair (at rest-0.382) and am not going to go short it any more. Perhaps there's a chance to go long now or rather later - upon the bounce off the upsloping line:
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itaskar ForceFollower
2 years ago
thx, been short here as well, took profit at 1.4605, now iam long from 1.4597 watching this orange line, if we can go thru, my target is purple line http://i.imgur.com/BF4D4il.png
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ForceFollower itaskar
2 years ago
Congratulations! This pair has been very co-operative to you. :)
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