W1: Devergence D1: My plan:
Waiting for confirmation candle on the SR for short trade
EUR/CAD has broken the 50 ema and found support on top of it. We can expect the move to continue up higher as long as the 50 EMA holds as support. First TP: 1.5295 Second TP: 1.5345 Third TP: 1.5395
EURCAD daily chart has printed a nice rejection candle at daily resistance and 38.2 retracement fibonacci which suppose to be a new lower high.
EURCAD is alos approaching resistance where we expect a drop below this level
Selling EURCAD at CMP or after a minor pullback based on price action and indicator signal.
Small pull back, I think it will go up 30M
Previous resistance becomes support and 0.618 fib has been tested on the daily time frame. great opportunity to stay long on EURCAD.
Using the Daily chart trend, I'm expecting a strong sell on EURCAD.
Since gapping up, price has tested and respected a major support/resistance area bounced up from it. Today we've seen price has touched this major support level and price did pierce through but quickly pulled backed and has respected this level. Zooming in on the 4H time frame, candlestick pattern confirms a reversal in the downtrend to an uptrend is probable and...
EUR is not having a great day, but a shift in good numbers from EUR will trigger a bull reaction and may reverse EURCAD. I am waiting for this to happen because every indicator on this chart is hinting a bull reaction. Wait for a confirmation before going in. Risk/Reward adjusted to 2.7.
These days CAD is been a strong currency, that can not last. I have my eye on EURCAD. It have been sneaking upwards in its indicators and waiting for it to break 10EMA and 55MA before taking action.