EUR/CAD, after push up higher was not able to lose its gains and is currently finding its support for a push higher up as we can confirm looking at the 4H and 8H chart.
We can buy the low test and put our SL anywhere near the last low.
EUR/CAD is preparing itself for a big upmove.
Recovering with 2 candles only after hitting the daily support and now failing to enter into a reversal phase, it is finding its support for a bigger up move in this consolidation phase.
Keep this pair in your watchlist and look for a buy on the next low test.
This is a very good looking setup. Highly probable move...
See below EURCAD Forex cross pair top down analysis supply and demand forecast. The big picture trend on EURCAD Forex cross pair is longs, we are not allowed to sell EURCAD based on a supply and demand trading strategy because there is a weekly demand level in control making price print higher highs.This weekly demand imbalance is located around 1.4695, this level...
EUR/CAD has been in consolidation on the 8H chart for now 3 weeks.
It's failing to make a move down. Bulls are getting in and preparing for the bullish move thus preventing the pair to make a move down to a lower low.
Leave 80-100 pips SL and double the TP.
You will have to hold this position for arround a week or more.
Today price has tested a daily trendline which is in confluence with the 200ema and has showed rejection of this zone, but there is a secondary zone delimited for two trendlines 4 hour timeframe giving an extended zone around 1.5165 & 1.5190. So, keep an eye be patient and remember tomorrow is friday (trap day) and maybe this will be a good setup for next week.
We have BOC rates decision today, looking at CAD rates, EURCAD seems to be good candidate to trade on BOC as this market is struggling at this area with underlying divergence, allowing a wider stop to see if it works out.
EURCAD has retraced to Fibonacci retracement
level of 0.382 as previously surmised. from the chart
you can see that the bears are slowing taking over as
Also Stoch RSI has turned back down, i am expecting this
to drop more. i will update if anything changes
See previous analysis also
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We have now entered EURCAD buy based off a 1H 50 Bounce ( first pullback to the 50 EMA after 13/50 cross):
Price @ 1.52316
1% risk on this position
Keep in mind, if price CLOSES BELOW 13 EMA we're going to take a scratch and close the trade!
- 13/50 cross
- 25-50 pip pullback
- Market Baseline (yellow...