πŸ“ŠπŸŒŸ "EURCAD Analysis: Continuation of the Parabolic Move" πŸŽ―πŸ’Ή

FX:EURCAD   Euro / Canadian Dollar
πŸ’Ή Let's kick off our trading week by analyzing the popular EURCAD pair.

πŸ”Ž Higher Time Frames Analysis:
In our daily and weekly time frames, we observe that EURCAD has been ranging between 1.42435 and 1.50374, which is logical given the current policies between the European Union and the Canadian government.

πŸ“Š Previous Analysis Recap:
In our last month's analysis, we noted that after breaking the 1.47188 support and triggering a 4-hour move towards 1.46605, a subsequent pullback to the newly formed resistance occurred. After this, the price moved down to 1.45590 before buyers re-entered the market, leading to the current upward fluctuation.

πŸ” Current Chart Analysis:
Let's delve into the updated chart and identify potential entry and exit points.

πŸ“‰ 4-Hour Time Frame:
After finding support at 1.45905, buyers pushed the price upward, currently fluctuating between 1.48128 and 1.47758 in the newly opened market hours.

πŸ“ˆ Parabolic Pattern:
The upward movement by the buyers is following a parabolic pattern. Each time the price has been supported by this parabolic line, it has moved higher. We can anticipate another upward move if a confirming candle forms on this parabolic support line.

πŸ’‘ Long Position Strategy:
If the price is supported by the parabolic line and breaks the 1.48128 trigger point (a 4-hour trigger point, not a support or resistance), we can open a long position.

⚠️ Parabolic Line Caution:
If the parabolic line fails to hold and the price breaks down either through a time range or a downward move, the likelihood of a continued upward move decreases. This might lead to a range-bound market or a trend reversal.

πŸ“‰ Short Position Strategy:
If the price fails to hold the parabolic support and forms a lower high relative to 1.48128, breaking the 1.47758 support and the parabolic line could trigger a short position aligned with the new downward trend.
Additionally, if you require confirmation for the continuation of the downtrend, you can maintain your short position after the RSI line breaks below 48.73.

πŸ”» Support Levels:
1.47140, 1.46571, 1.45905

πŸ”Ί Resistance Levels:
1.48128, 1.48808, 1.49479

🌟 As we begin the trading week on Saturday, I hope you find this analysis of both EURCAD and EURAUD beneficial, and I wish you a profitable week ahead!

😊 If you'd like me to analyze a specific coin or currency pair, be sure to comment so that I can allocate the next analysis for you!

⚠️ Also, please remember that I'm just an analyst, and this isn't financial advice. We're here to stay in the market and maximize profits by adhering to risk and capital management principles.


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