EurCad at channels resistance. What's next?I followed this pair closely in the past 2 weeks with a clear idea, the drop from 1.6 is corrective in nature and EurCad should resume its bull run.
Now the pair is trading close to downward channel resistance and I expect a break soon.
Dips around 1.55 should be bought and as the first target 1.57 should suffice for now.
Eurcadsetup
EurCad- towards 1.57?Yesterday, EurCad respected 1.5430-15450 support zone and turned violently from this point.
A small correction could follow from this point and this can give buyers the opportunity to open a long trade at a better price.
That being said, buy dips is my preferred scenario for this pair with a target at 1.57 resistance
EurCad- Entering strong support zoneFrom 1.6 top eurcad dropped almost 600 pips but the drop is not impulsive and has a very clear corrective move format. Also if we draw a Fibonacci from 1.51 support we can clearly see that this old resistance zone, now support, is confluent with 61% retracement and we can very well be in a "measured move" pattern.
That being said I will look for buy opportunities for at least 1.57 target for a swing trade.
EURCAD, daily tf with line chart, falling wedge/wolfe waveHello my friends,
I sometimes switch to line chart for a better perspective in drawing lines. It eliminate many noises and only focusing on candle close.
EURCAD making a nice falling wedge / wolfe wave pattern at daily timeframe in my opinion right now. Price are bullish and moving inside the line i marked. Yesterday candle / friday candle closing below it which could be a false break as today price come back inside the marked area.
I am buying EURCAD 1.5580
Stop loss 1.5510
Take profit 1 @1.5650
Take profit 2 @1.5720
Use only 1-2% risk
Good Luck
EURCAD SHORT SETUPEURCAD this week has rejected the weekly resistance and now we are looking for a sell entry which might occur after the price breaks and retest this consolidation.
We need to consider that if price breaks above the consolidation ,it might just retrace to fibonacci levels and still continue to the downside.
Golden Zone -- EURCAD Disclaimer:
the content on this analysis is subject to change at any time without notice and is provided for the sole purpose of assisting traders to make independent investment decisions. this is not signal. it's my opinion. trade your own risk. and Must Follow Money management.
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Thank you for your support!
EUR/CAD LONG SET UP & SIGNALTITLE/(DATE)- EUR/CAD
ASSET- FOREX
PLATFORM-MT4
ORDER TYPE- BUY LIMIT
Time Frame-4hr
ENTRY PRICE 1- 1.57080 (pending)
ENTRY 2- 1.56880 (pending)
STOP LOSS- 1.56680(40 PIPs)
TAKE PROFIT 1- 1.57580 (50 PIPS)
TAKE PROFIT 2- 1.58080 (100 PIPS)
TAKE PROFIT 3- 1.58580 (150 PIPS)
TAKE PROFIT 4- 1.59080(200 PIPS)
TAKE PROFIT 5- 1.59580(250 PIPS)
STATUS: ACTIVE
DROP A LIKE AND COMMENT FOR MORE SIGNALS
ERUCAD LOOKING TO SELL SOONEURCAD has hit the KEY LEVEL where it also reversed before multiple times if you look in the D1 Chart, wait for Bearish price action to confirm and place SL Just above the Key Level Shown in this Snippet.
PLEASE NOTE : This is Just personal preference I will not be responsible for any loss.
Tell me your views on this in the comments.