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.
Eurcadtrade
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.
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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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
EURCAD / BEAR / BIG DROPEURCAD has been ranging for a while, it is now at the top of the range on the 1H chart and there is an area of support just below it, I am waiting for price to break and then selling to the next level of support
I expect price to pull back before the trend continues, if the trend continues we can hold the position or enter another sell