EURCAD has one more week left to reach 1.47561.
If it doesn't, it will most likely turn into a short with a 1 weekly ATR stop.
13 week CCI is showing bearish divergence, and we're close to 6.18 std deviations from the linear regression of the downtrend from high to low (figured it was an interesting value).
Rgmov is stuck in a range, not putting out any new highs while this advance lasted, which isn't particularly bullish to begin with.
I'll monitor this pair and update the post when we get the entry, for now, remain vigilant, the news today and tomorrow are of very high impact, we might get an earlier entry watching the daily and 4h charts.
The ideal first target would be a retest of the mode at 1.37066 but there's a previous mode at 1.42518 that might make the pair slow down, or reverse before reaching it, so keep that in mind when managing the position (if we ever take it).
You can try with pair trades, or directly trading the cross.
Good luck,
Ivan.
If it doesn't, it will most likely turn into a short with a 1 weekly ATR stop.
13 week CCI is showing bearish divergence, and we're close to 6.18 std deviations from the linear regression of the downtrend from high to low (figured it was an interesting value).
Rgmov is stuck in a range, not putting out any new highs while this advance lasted, which isn't particularly bullish to begin with.
I'll monitor this pair and update the post when we get the entry, for now, remain vigilant, the news today and tomorrow are of very high impact, we might get an earlier entry watching the daily and 4h charts.
The ideal first target would be a retest of the mode at 1.37066 but there's a previous mode at 1.42518 that might make the pair slow down, or reverse before reaching it, so keep that in mind when managing the position (if we ever take it).
You can try with pair trades, or directly trading the cross.
Good luck,
Ivan.
Trade closed: stop reached
