ChaosTrader63
Long

EUR vs CAD Long Idea 9-4-13

FX:EURCAD   Euro Fx/Canadian Dollar
98 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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