Took a long on EUR/CAD, the market seems to have broken the down trendline, I do have 1 area of concern for a possible resistance (1.56345)
Stop LOSS 1.55545 (41 PIPS)
Take Profit 1.57601 (164 Pips)
The market appears to be in an uptrend on the H4 chart, hopefully, we can get a positive market sentiment which will drive risk on currencies higher
Stop Loss - 125.440 (25 Pips)
Take Profit 128.730 (304 Pips)
Market sentiment seems to be on the positive side at this time, risk-on currencies could see some positive upside move throughout the rest of the Asia session... however we could see a change during the EUR session so I'm looking to sell CAD anticipating a bearish market mood and continuation of the downward trend.
The Fed will start cutting its $4.5 trillion balance sheet in October, initially by just $10bn per month. Fed chair Janet Yellen said the normalisation process would be gradual and predictable.
Policymakers also left US interest rates unchanged, at 1.25% to 1.5%. The Fed committee expects to raise borrowing costs once more time this year, followed by three raises...
I'm looking to sell the USD if it pulls back and reverses from the 111.575 level.
Stop loss above the 112.784 (not set in stone), not risking more than 1% of my capital.
Final target around the 109.939 level.
Trade will also be based on the market sentiment / any data release on either currency.
Based only technical analysis the market looks like it will be selling off for the rest of the day or it might be a possible stall until Sunday.
I'm looking for a nice pullback to my 65% Fib, I use the 65 or 78, Those are the numbers that work for me.