Here we have a EURCAD long trade idea. If you like this idea please show your support!
This trade idea is based off the fact that the Euro (EUR) is reaching a monthly low since July 2020. We are expecting some strength as this is approaching a trendline & structure level at the lower end of the channel so we are expecting a reversal soon....
Why am I going long? The euro is in strong support and is also supported by the Daily SMA 300. This thesis is supported by an RSI divergence and increasing momentum in smaller time units.
Daily SMA 300
This is not a trading recommendation and is for informational purposes!
So price has been in an ascending channel on the 4h timeframe since the 26th of March and the trend has been gradually reversing as you can see we’ve been getting higher highs and lower lows but as the channel ascended even more these highs and lows have been inconsistent and we are now seeing lower lows and lower highs this is an indication of a changing trend...
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quick another analysis and idea that I have.
if we see a new LOW at the 38,2% retracement above the recent hight creating this support-zone, we should see a VERY nice buy-signal with huge Profit-potential.
This is a nice opportunity!
Peace and good trades
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