ChaosTrader63
Long

EUR vs CAD Long Idea 9-4-13

FX:EURCAD   Euro / Canadian Dollar
100 0 1
Here we have a chart of the EUR vs CAD 4 hour time frame but on the daily chart you would see that the pair has been in an uptrend since 8-16-12. This most recent bear run is a 61.8% retracement of the move up from 1.36640 to the most recent high at 1.41260. We are currently bouncing on a support level @ 1.38269 and the price action is suggesting that this level may hold as we have a nice long wick candle at the support level and the next candle is bullish with an extended wick also at the support level . Our trend line has been touched but far from being violated as the level seems to be observed. I am looking for this pair to continue moving forward and eventually topping the most previous high. That's my take on the EUR vs CAD! Have a great trading day! God bless!
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