Possible buying opportunity in EUR/CAD very soon! We are bullish on the Euro after a strong push up on Friday afternoon so therefore we can look for buying opportunities in the Euro pairs this week. EUR/CAD has shown a nice impulsive move up which has also broken 1Hr and 4Hr lower highs and structures. This therefore means that we are looking for price to move in a descending corrective manner to create a higher low in the market so that we can gain an entry. There are two possible places that i will be looking for price to react. Firstly you have previous structure coinciding with a 50% Fib retracement level which would be good confluence if price is stalling at this level. The second deeper entry would be at the 61.8% fib retracement where we could see price wick down to if it does not break the 50% structure level. For entry i will be looking for a strong momentum bullish candle on the 2hr time-frame. My take profit will be at the Weekly Key Level around 1.46500.
Feel free to leave any comments!
Feel free to leave any comments!