Kumowizard

EURCAD - Profit taking recommended close to weekly resistance

FX:EURCAD   Euro Fx/Canadian Dollar
65 1 1
I was a bit too early last time, when I covered my shorts, as finally EURCAD             has reached my original target in 1,30-1,31 zone. However now it really looks prudent to cut positions, take profit and relax.

Weekly:
- Ichimoku setup is long term bearish , but Price moved far away from equilibrium levels and reached a very importan resistance ard 1,30-1,31
- Heikin Ashi candle this week (so far) could not make a lower low, haDelta/SMA3 turning up again and show some counter bullish bias after rpinting extreme low level.

Daily:
- Ichimoku setup is bearish , so in case you look for a trade, you will have to look for bearish signals at support levels. Support is the 1,34-1,35 area right now. Strong support is at 1,3600.
- Heikin Ashi signals a start of a possible pull back towards Kijun Sen. Two red doji candles followed by a green one today. haDelta/SMA3 is further up, crossing zero line. Oscillator switches to bullish short term.

Most likley we'll see a swing up to 1,3400+. There we'll have to look for bearih signals in line with the major trend.
Mirandole
2 years ago
Hi Kumo !

I'm in for a move up. I hope it will work.

EURCAD : Is the trend reversing up ?


Best Regards,
Serge
Reply
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