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Eurcadanalysis

EURCAD | Perspective for the new weekMy perspective on this pair is going to be the opposite of the majority in the market as my research reveals that the big wigs are doubling down their position against the new week. Technically, with the strong support @ C$1.415 area; I foresee a short term gain for the Euro which might be a retracement of the overall bearish momentum or a possible move for an outright north in the coming weeks. Tendency: Uptrend (Bullish) Structure: Supply & Demand | Reversal pattern (Double Bottom) Observation: i. It has been a Bearish run for the Euro since mid-September 2021 where the CAD recorded a 6.20% growth in the last 4 months. ii. I am of the opinion that prices have found a bottom. Why? Well, since the price touched the C$1.451 area in November 2021, we have witnessed multiple strong rejections depicting buying power from this area. iii. The highest point buyers have moved the price from the demand level is C$1.46 area (over 400pips move); this feat is recorded on the 20th of December 2021. iv. Immediately price touched C$1.46, a downward spiral occurred which evolve into a Double bottom pattern within the same demand zone (during the previous week trading session) which based on past experience I have considered a strong area for the buyers. v. Double Bottom: The appearance of this reversal pattern at this juncture in the market describes a possible change in trend and a momentum reversal from prior leading price action. vi. In this regard, a breakout/retest of key level @ C$1.43 (neckline) will be a comfortable area for us to open a long position on this trade in the coming week(s). NB: It is appropriate to state here that this is a counter-trend trade hence the need to be highly alert during the course of the trade as any bearish momentum could send the price crashing. .. Trade consciously!😊 Trading plan: BUY confirmation with a minimum potential profit of 350 pips. Risk/Reward : 1:4 Potential Duration: 10 to 15days NB: This speculation might be considered to make individual decisions on the lower timeframe. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Long
by darcsherry
1
EURCAD: Sentiments Are Short-Term Bearish, But... EURCAD has completed corrective wave 4, and if the price breaks the parallel channel C, it may make a new low, which should be impulsive sub-wave 5 of wave (5). If price breaks down channel C, the following targets for Wave 5 will be 1.4313 - 1.42520 - 1.41652- 1.41156 . After making wave (5), if the price breaks the B channel, it can go for 1.4645 and start a new 5-wave impulse structure. Please note that the Breakout of wave (4) indicates a strong bull trend. If the price breaks the channel without a downward, it indicates truncated 5th. I will upload intraday chart for further information soon.
by forextidings
2
EURCAD, we're not there yet, but ...Yesterday the bearish movement of EURCAD took us to an even more interesting and noteworthy area. A new low was reached, but without triggering any buy signals on the MCS, even though the channel has really narrowed a lot. I think the signal is close, and maybe reaching a new low at 1.4052 is a good entry point, but we still don't set any buy limit, we wait for the definitive signal on the MCS. We are still in perfect timing with the new annual cycle.
by The_Cyclical_Trading
EURCAD, annual closure and ...Good Morning everyone, the price of the Euro against the Canadian Dollar is falling just near the end of the annual cycle. We still have some time to see it drop below the November lows, personally I see 1.40526 as a good level of buying, but only the MCS will confirm this. The excess weakness on the MCS is showing up, the channel is tightening fast and everything points to a buy signal within the first ten days of February. For now we wait and do not anticipate anything, not even on the support at 1.4198, clear ?? :)
by The_Cyclical_Trading