Kumowizard
Long

Range bottom, resistance, momentum

FX:EURCAD   Euro / Canadian Dollar
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- EURCAD reached the lower bound of its 9 months trading range. The range is: 1,4250-1,4300 / 1,4850-1,4950
- Ichimoku system is flat, clearly shows there is no trend in place.
- Heikin-Ashi is bearish , but DM_Oscillator and haDelta show some momentum loss, and calls attention for a possible consolidation or pull back.
- EWO shows no change, has not yet started to tick higher.
- MACD: bearish bias, but histogram may be bottoming.

Probably we need to wait few more days to see if we get a proper reversal signal from resistance zone , or else it delivers a bearish break. As I think EUR is a bit oversold short term, and I do not believe OPEC to agree that easily and push WTI price much higher from here short term, I think a pop up is somehow more likely than a bearish break. But as you know believes can be very dangerous. So basically just wait for a proper signal before you enter any position in regular size.


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