EURCAD - Take profit on shorts, try to re-sell later
Please see original short trade idea on the link below.
Weekly:
- The trend is bearish, and will likely stay bearish for long term.
- Last two weeks Price drop was very strong, sending haDelta down to extreme low level. Heikin Ashi candle close will likely be at/above 1,3500 resistance. From this setup the chance of correction towards 1,3700 - 1,3800 is increasing.
Daily:
- Very bearish Ichimoku setup, but Price is far below Kijun Sen and the Kumo, considered to be oversold.
- Heikin Ashi candle gives first warning signal of a possible consolidation (slowdown in trend) or a pull back ahead. haDelta turns up above SMA3 after reaching extreme low.
This is not a call for a counter long! If you check 4H time frame, you can see it is far away from turning counter bullish. It is just a call for profit taking.
The main recommendation is to resell the pair at 1,3700 - 1,3800 support area.
Weekly:
- The trend is bearish, and will likely stay bearish for long term.
- Last two weeks Price drop was very strong, sending haDelta down to extreme low level. Heikin Ashi candle close will likely be at/above 1,3500 resistance. From this setup the chance of correction towards 1,3700 - 1,3800 is increasing.
Daily:
- Very bearish Ichimoku setup, but Price is far below Kijun Sen and the Kumo, considered to be oversold.
- Heikin Ashi candle gives first warning signal of a possible consolidation (slowdown in trend) or a pull back ahead. haDelta turns up above SMA3 after reaching extreme low.
This is not a call for a counter long! If you check 4H time frame, you can see it is far away from turning counter bullish. It is just a call for profit taking.
The main recommendation is to resell the pair at 1,3700 - 1,3800 support area.
