Carrero
Short

EURCAD cleared trendline support (medium term)

FX:EURCAD   Euro Fx/Canadian Dollar
Canadian dollar             pushed the Euro             below the 1.4570 level and a key 12-month rising trendline .
Follow-through will be driven by a lift from oil             prices, Canadian unemployment data from last week should continue to provide momentum.
Participation from Euro             depends on Thursday CPI             data and continued rally in equities.
Placed a short at 1.4570 with a stop loss at 1.4719
Target is the 50% fib level at 1.4110, giving a target profit of 460 pips.
Will look for retest of trendline support and support becoming new resistance
This trade has played out pretty well
• momentum increased below the 1.458 level
• recently moved up to the trendline and rejected it on the 4 hour.

snapshot


• Still has around 200 pips worth of range before my first target is reached... debating on whether to take off some exposure before tomorrow's ECB decision
• Last ECB resulted in a pretty extreme move on dovish news, so it's probably worth taking some profit
• Technically, MACD still shows downward momentum, but BB is closing in on 2 std devs so I might just take 1/2 position off and move stop to breakeven level
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