Looking to SELL this pair on a final push up towards 1.51 here's why.
This level is very strong Weekly & Monthly resistance level and is the top of a sideways range that has been in play since 2021 each it has come to the top of this range there has been a strong reaction see the daily chart image below.
Price managed to push above 1.50 on Monday before selling off slightly the last couple of days buyers have again entered the market today, I expect one final push up to 1.51 before selling off.
The plan for this setup is very simple wait for price to rally back above 1.50 towards 1.51 monitor the lower timeframes look for evidence of slowing momentum with sideways price movements or MACD divergence signals.
If this price action is happening then I will simply enter a sell setup target for this setup is the bottom of the range seen in the daily chart above around 1.43.
If we do not see the final push back above 1.50 towards 1.50 then I will wait for the first pull back and use my TRFX indicator for signals on the 4hr to daily charts to get in on this move.
Great setup! I'm myself shorting this pair the 2nd time right now (and in profit) 1st trade delivered a 560 Pips Profit, so I'm somewhat of in love with this pair :)
Redimere_91
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Good call! I’m in this trade also. Probably got in a few days after you. Great outlook!
KABHI_FOREX_TRADING
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Good sell plan
Biaxar
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Strong setup Thanks for sharing your point of view
Investing_Trading
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Great Analysis.
Arazmajeed
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Amazing plan, Keep going on,
Ibenathi
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Isn't it already at key resistance?
dhatree
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Great.
FirstNameHelen
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Hmm.. Possibly EURCAD will fall to the support level and then rebound up to resistance zone 👀
I'm myself shorting this pair the 2nd time right now (and in profit)
1st trade delivered a 560 Pips Profit, so I'm somewhat of in love with this pair :)