EURCAD ready to Rally
Updated
Looking at the longer term chart is essential when trying to identify key areas of price reversal.
The fibonacci lines mark the Feb 17 Low to Mar 18 high and we see that the price is currently trapped between 76.4 and 78.6% retracement - a STRONG area of support. 1 day and 4 hour Stochastics also indicating that momentum is shifting to upside.
My trade is currently setup like this:
Buy EURCAD: 1.4295
Stop Loss: 1.4250 (45 pips)
TP1: 1:4395 (100 pips)
TP2: 1.4490 (185 pips)
TP3: 1.4570 (275 pips)
You could wait for a break and retest of the 76.4% fibo to enter with less risk. I will add to my position in that scenario...
Good Luck, please do your own due diligence.
The fibonacci lines mark the Feb 17 Low to Mar 18 high and we see that the price is currently trapped between 76.4 and 78.6% retracement - a STRONG area of support. 1 day and 4 hour Stochastics also indicating that momentum is shifting to upside.
My trade is currently setup like this:
Buy EURCAD: 1.4295
Stop Loss: 1.4250 (45 pips)
TP1: 1:4395 (100 pips)
TP2: 1.4490 (185 pips)
TP3: 1.4570 (275 pips)
You could wait for a break and retest of the 76.4% fibo to enter with less risk. I will add to my position in that scenario...
Good Luck, please do your own due diligence.
Note
This move happened quicker than anticipated but great to see this hitting take profit overnight. Lock in those gains. Momentum is still suggesting that this has further to go but let's see if there's a pull back and look for entries on the next move higher....Trade closed: target reached
Trade went much better than expected with EURCAD exploding to the upside and not much pull back. Trade fully closed and expecting first support at 1.4550 / 70 area. 61.8% retracement of this move is at 1.4490 and 76.4% retracement is 1.4400.
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