theforexportal

SHORT trade brewing on EURCAD

Short
FX:EURCAD   Euro / Canadian Dollar
EURCAD has pushed relentlessly north for the last 15 hours and we have overbought conditions on several time frames. WR1 is now in striking distance. This will be an irresistible target for EUR BULLS and its likely the BEARS will stand aside ready to pounce when the price hits WR1. This is a nice setup as SELLERS will avoid the market until this level is reached and WR1 will be crowded with SELL LIMIT orders (including my own).
Get a SELL LIMIT order at 1.5433 with a 25 pip STOP LOSS. Target will be adjustable depending on market action but 1.5270 area look a good place where the buyers may come in.