EURCAD has recently made a new high and is pulling back into previous daily resistance which is now turned daily support. If EURCAD can provide some bullish price action in this area, we could see another bullish swing for the pair giving us new swing high and potentially reach 1.58000
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EUR/CAD: Daytrade-Preparation
Notice: This is meant to be a preparation for you. As Always we will have to wait for a confirmation!
Market-Buy: 1,56660
Stop-Loss: 1,56170
Point Of Risk-Reduction: 1,57070
Take-Profit: 1,57750
Stop-Loss: 49 pips
Risk: 0,5% - 1%
Risk-Reward: 2,21
LEAVE A...
This pair is still trading inside channel zone and expected a retrace till demand zone and the buy this pair with a small
risk and ahead huge rewards minimum 300+ pips Friends support the the idea and dont forget to push and comments
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Hey traders, here is the analysis for the EURCAD. NOTE - Please do your own analysis before taking the trade. Let me know if you guys have any questions in the comment section. If you guys like my analysis please hit like. Thanks.
The counter has broken its near-term bullish trendline.
Then it formed a head and shoulder pattern and has broken down the neckline as well.
Hence, we expect the pair to be bearish in the near-term.
We managed to see price level retesting the 23.6% fib level and now showing signs of BEARISH continuation. I will be expecting EURCAD to move towards the support level where 38.2% fib lies. Further confirmation will be determined after this movement. As of now, this is a good short term trade opportunity.
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