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EURCAD trade ideas

COUNTER-TREND TRADING...SAFE OR RISKY?....EURCAD LIVE EXAMPLEWhat is going on everybody! Hope you are having an amazing weekend so far! Just wanted to come on here and speak a little bit about one of my favorite trading subjects which is counter-trend trading! I personally do counter-trend trading as one of my trading strategies so I wanted to come on here and share a real life example of some things I look for and the mentality behind trading against the current trend of price Hope you guys enjoy! Please boost and follow my page for more breakdowns! Appreciate you all! Cheers!
Editors' picks
by JosePips
6
#EURCAD 1DAYEURCAD Daily Analysis The EURCAD pair is currently trading near the lower boundary of a well-defined channel on the daily chart, where it has reached channel support. This support level suggests potential buying pressure, as the price has historically rebounded from this area within the channel, creating a favorable setup for a long position. Technical Outlook: - Pattern: Channel Support -Forecast: Bullish (Buy Opportunity) - Entry Strategy: Buy near the channel support area Traders may look to enter a buy position around this support level, with targets set at the channel's upper boundary. To further confirm the setup, indicators like RSI showing oversold conditions or MACD indicating a bullish divergence could add confidence to the trade, supporting the bullish forecast for EURCAD.
Long
by PIPSFIGHTER
2
EURCAD_110 2024.11.07 16:51:04 Trading Signal SELLFrankPro Signal for EURCAD_110 Type: Screen Signal: SELL TP: 1.48963 SL: 1.49779 Entry Price: 1.49643 Analysis for EURCAD Forecast Overall(Short-Term, Long-Term): ST= Probably Down LT= Strong Up Forecast Methods(Short-Term, Long-Term): ST=Down LT=Up ST=Down LT=Up ST=Up LT=Up Analysis Method(0) Based on the provided analysis, I will provide separate assessments for short-term and long-term expectations for the EUR/CAD currency pair. **Short-term (next few days to a week):** Given the recent reversal from the key resistance level of 1.5160 and the formation of a Dark Cloud Cover pattern, the pair is likely to fall to the next support level at 1.5100. The overbought daily Stochastic also supports this bearish outlook. However, if the pair breaks above 1.5172, it could confirm a continuation higher. Considering the uncertainty and the dual potential scenarios, I would say that the price is expected to **go down** in the short-term, but with a possibility of a breakout above 1.5172, which could change the direction. **Long-term (weeks to months):** The decisive breakout above the slanting roof of a multi-month price pattern and the bullish MACD momentum indicator support a long-term bullish outlook. If the price follows through higher, it could make a significant advance, targeting 1.5228 and then 1.5312. However, a bearish close could form a two-bar reversal pattern, indicating a temporary deeper correction. Considering the overall analysis, I would say that the price is expected to **go up** in the long-term, but with a possibility of temporary corrections. **Staying the same:** Given the current uncertainty and the dual potential scenarios, it's unlikely that the price will stay the same in the short-term or long-term. The analysis suggests that the pair will either break out above 1.5172 or fall to the next support level at 1.5100, and then potentially continue its move in the same direction. Result: ST=Down LT=Up Analysis Method(1) Based on the analysis, here are my conclusions: **Short-term (next few days/week):** * The breakout above the upper trendline of the pattern could be "false" and the pair might form a Double Top bearish reversal pattern. * The MACD momentum indicator has risen above the zero line, but a bearish close could form a two-bar reversal pattern, indicating a potential short-term correction. * Some analyses suggest that the pair holds negative signals from both short and long-term Moving Averages, indicating a more negative forecast in the short term. * Therefore, I expect the price to **go down** in the short term, potentially breaking below 1.5101 and targeting 1.5051. **Long-term (next few weeks/months):** * The EUR/CAD has decisively broken out of a multi-month price pattern, which is a bullish sign. * A break above 1.5172 could confirm a continuation higher, targeting 1.5228 and potentially reaching 1.5312. * The pair has rebounded from range support, forming a strong bullish engulfing candle on the daily chart, suggesting a promising outlook for continued upward movement. * Therefore, I expect the price to **go up** in the long term, potentially reaching the targets mentioned above. Please note that these are just predictions based on the analysis, and the actual market behavior may differ. Result: ST=Down LT=Up Analysis Method(2) Based on the analysis provided, here is my assessment of the EUR/CAD currency pair's potential price movement: **Short-term analysis (next few days to a week):** * The recent breakout above 1.5172 and the bullish engulfing candle on the daily chart suggest a potential uptrend. * The MACD momentum indicator rising above the zero line also supports a bullish outlook. * However, there is a risk of a "false" breakout, and if the price breaks below 1.5101, it could lead to a move down to 1.5051. * Given the recent breakout and bullish indicators, I expect the price to **go up** in the short term, with a target around 1.5200. **Long-term analysis (next few weeks to a month):** * The EUR/CAD pair has broken out of a multi-month consolidation pattern, which could lead to a sustained uptrend. * The Fibonacci price projections suggest potential targets at 1.5228 and 1.5312, which could be reached in the long term. * However, the alternative scenario of a Double Top bearish reversal pattern cannot be ruled out, and a break below 1.5101 could lead to a move down. * Considering the breakout and the bullish indicators, I expect the price to **go up** in the long term, with a potential target around 1.5312. **Staying the same:** * The current trading range of $1.48 and $1.51, with support at $1.46 and resistance at levels such as $1.47 and $1.48, suggests that the price could remain range-bound if it fails to break out of this range. * However, given the recent breakout and bullish indicators, I do not expect the price to **stay the same** in the short or long term. Overall, my analysis suggests that the EUR/CAD pair is likely to go up in both the short and long term, with a potential target around 1.5200 in the short term and 1.5312 in the long term. Result: ST=Up LT=Up
Short
by orbborisson
EURCAD_101 2024.11.07 13:04:03 Trading Signal BUYFrankPro Signal for EURCAD_101 Type: Screen Signal: BUY TP: 1.50013 SL: 1.49551 Entry Price: 1.49617 Analysis for EURCAD Forecast Overall(Short-Term, Long-Term): ST= Probably Down LT= Strong Up Forecast Methods(Short-Term, Long-Term): ST=Down LT=Up ST=Down LT=Up ST=Up LT=Up Analysis Method(0) Based on the provided analysis, I will provide separate assessments for short-term and long-term expectations for the EUR/CAD currency pair. **Short-term (next few days to a week):** Given the recent reversal from the key resistance level of 1.5160 and the formation of a Dark Cloud Cover pattern, the pair is likely to fall to the next support level at 1.5100. The overbought daily Stochastic also supports this bearish outlook. However, if the pair breaks above 1.5172, it could confirm a continuation higher. Considering the uncertainty and the dual potential scenarios, I would say that the price is expected to **go down** in the short-term, but with a possibility of a breakout above 1.5172, which could change the direction. **Long-term (weeks to months):** The decisive breakout above the slanting roof of a multi-month price pattern and the bullish MACD momentum indicator support a long-term bullish outlook. If the price follows through higher, it could make a significant advance, targeting 1.5228 and then 1.5312. However, a bearish close could form a two-bar reversal pattern, indicating a temporary deeper correction. Considering the overall analysis, I would say that the price is expected to **go up** in the long-term, but with a possibility of temporary corrections. **Staying the same:** Given the current uncertainty and the dual potential scenarios, it's unlikely that the price will stay the same in the short-term or long-term. The analysis suggests that the pair will either break out above 1.5172 or fall to the next support level at 1.5100, and then potentially continue its move in the same direction. Result: ST=Down LT=Up Analysis Method(1) Based on the analysis, here are my conclusions: **Short-term (next few days/week):** * The breakout above the upper trendline of the pattern could be "false" and the pair might form a Double Top bearish reversal pattern. * The MACD momentum indicator has risen above the zero line, but a bearish close could form a two-bar reversal pattern, indicating a potential short-term correction. * Some analyses suggest that the pair holds negative signals from both short and long-term Moving Averages, indicating a more negative forecast in the short term. * Therefore, I expect the price to **go down** in the short term, potentially breaking below 1.5101 and targeting 1.5051. **Long-term (next few weeks/months):** * The EUR/CAD has decisively broken out of a multi-month price pattern, which is a bullish sign. * A break above 1.5172 could confirm a continuation higher, targeting 1.5228 and potentially reaching 1.5312. * The pair has rebounded from range support, forming a strong bullish engulfing candle on the daily chart, suggesting a promising outlook for continued upward movement. * Therefore, I expect the price to **go up** in the long term, potentially reaching the targets mentioned above. Please note that these are just predictions based on the analysis, and the actual market behavior may differ. Result: ST=Down LT=Up Analysis Method(2) Based on the analysis provided, here is my assessment of the EUR/CAD currency pair's potential price movement: **Short-term analysis (next few days to a week):** * The recent breakout above 1.5172 and the bullish engulfing candle on the daily chart suggest a potential uptrend. * The MACD momentum indicator rising above the zero line also supports a bullish outlook. * However, there is a risk of a "false" breakout, and if the price breaks below 1.5101, it could lead to a move down to 1.5051. * Given the recent breakout and bullish indicators, I expect the price to **go up** in the short term, with a target around 1.5200. **Long-term analysis (next few weeks to a month):** * The EUR/CAD pair has broken out of a multi-month consolidation pattern, which could lead to a sustained uptrend. * The Fibonacci price projections suggest potential targets at 1.5228 and 1.5312, which could be reached in the long term. * However, the alternative scenario of a Double Top bearish reversal pattern cannot be ruled out, and a break below 1.5101 could lead to a move down. * Considering the breakout and the bullish indicators, I expect the price to **go up** in the long term, with a potential target around 1.5312. **Staying the same:** * The current trading range of $1.48 and $1.51, with support at $1.46 and resistance at levels such as $1.47 and $1.48, suggests that the price could remain range-bound if it fails to break out of this range. * However, given the recent breakout and bullish indicators, I do not expect the price to **stay the same** in the short or long term. Overall, my analysis suggests that the EUR/CAD pair is likely to go up in both the short and long term, with a potential target around 1.5200 in the short term and 1.5312 in the long term. Result: ST=Up LT=Up
Long
by orbborisson
EURCAD The Target Is DOWN! SELL! My dear subscribers, This is my opinion on the EURCAD next move: The instrument tests an important psychological level 1.5115 Bias - Bearish Technical Indicators: Supper Trend gives a precise Bearish signal, while Pivot Point HL predicts price changes and potential reversals in the market. Target - 1.5050 My Stop Loss - 1.5151 About Used Indicators: On the subsequent day, trading above the pivot point is thought to indicate ongoing bullish sentiment, while trading below the pivot point indicates bearish sentiment. ——————————— WISH YOU ALL LUCK
Short
by AnabelSignals
1
EURCAD_101 2024.11.07 15:59:03 Trading Signal BUYFrankPro Signal for EURCAD_101 Type: Screen Signal: BUY TP: 1.50472 SL: 1.49793 Entry Price: 1.4989 Analysis for EURCAD Forecast Overall(Short-Term, Long-Term): ST= Probably Down LT= Strong Up Forecast Methods(Short-Term, Long-Term): ST=Down LT=Up ST=Down LT=Up ST=Up LT=Up Analysis Method(0) Based on the provided analysis, I will provide separate assessments for short-term and long-term expectations for the EUR/CAD currency pair. **Short-term (next few days to a week):** Given the recent reversal from the key resistance level of 1.5160 and the formation of a Dark Cloud Cover pattern, the pair is likely to fall to the next support level at 1.5100. The overbought daily Stochastic also supports this bearish outlook. However, if the pair breaks above 1.5172, it could confirm a continuation higher. Considering the uncertainty and the dual potential scenarios, I would say that the price is expected to **go down** in the short-term, but with a possibility of a breakout above 1.5172, which could change the direction. **Long-term (weeks to months):** The decisive breakout above the slanting roof of a multi-month price pattern and the bullish MACD momentum indicator support a long-term bullish outlook. If the price follows through higher, it could make a significant advance, targeting 1.5228 and then 1.5312. However, a bearish close could form a two-bar reversal pattern, indicating a temporary deeper correction. Considering the overall analysis, I would say that the price is expected to **go up** in the long-term, but with a possibility of temporary corrections. **Staying the same:** Given the current uncertainty and the dual potential scenarios, it's unlikely that the price will stay the same in the short-term or long-term. The analysis suggests that the pair will either break out above 1.5172 or fall to the next support level at 1.5100, and then potentially continue its move in the same direction. Result: ST=Down LT=Up Analysis Method(1) Based on the analysis, here are my conclusions: **Short-term (next few days/week):** * The breakout above the upper trendline of the pattern could be "false" and the pair might form a Double Top bearish reversal pattern. * The MACD momentum indicator has risen above the zero line, but a bearish close could form a two-bar reversal pattern, indicating a potential short-term correction. * Some analyses suggest that the pair holds negative signals from both short and long-term Moving Averages, indicating a more negative forecast in the short term. * Therefore, I expect the price to **go down** in the short term, potentially breaking below 1.5101 and targeting 1.5051. **Long-term (next few weeks/months):** * The EUR/CAD has decisively broken out of a multi-month price pattern, which is a bullish sign. * A break above 1.5172 could confirm a continuation higher, targeting 1.5228 and potentially reaching 1.5312. * The pair has rebounded from range support, forming a strong bullish engulfing candle on the daily chart, suggesting a promising outlook for continued upward movement. * Therefore, I expect the price to **go up** in the long term, potentially reaching the targets mentioned above. Please note that these are just predictions based on the analysis, and the actual market behavior may differ. Result: ST=Down LT=Up Analysis Method(2) Based on the analysis provided, here is my assessment of the EUR/CAD currency pair's potential price movement: **Short-term analysis (next few days to a week):** * The recent breakout above 1.5172 and the bullish engulfing candle on the daily chart suggest a potential uptrend. * The MACD momentum indicator rising above the zero line also supports a bullish outlook. * However, there is a risk of a "false" breakout, and if the price breaks below 1.5101, it could lead to a move down to 1.5051. * Given the recent breakout and bullish indicators, I expect the price to **go up** in the short term, with a target around 1.5200. **Long-term analysis (next few weeks to a month):** * The EUR/CAD pair has broken out of a multi-month consolidation pattern, which could lead to a sustained uptrend. * The Fibonacci price projections suggest potential targets at 1.5228 and 1.5312, which could be reached in the long term. * However, the alternative scenario of a Double Top bearish reversal pattern cannot be ruled out, and a break below 1.5101 could lead to a move down. * Considering the breakout and the bullish indicators, I expect the price to **go up** in the long term, with a potential target around 1.5312. **Staying the same:** * The current trading range of $1.48 and $1.51, with support at $1.46 and resistance at levels such as $1.47 and $1.48, suggests that the price could remain range-bound if it fails to break out of this range. * However, given the recent breakout and bullish indicators, I do not expect the price to **stay the same** in the short or long term. Overall, my analysis suggests that the EUR/CAD pair is likely to go up in both the short and long term, with a potential target around 1.5200 in the short term and 1.5312 in the long term. Result: ST=Up LT=Up
Long
by orbborisson
EURCAD_101 2024.11.01 08:33:04 Trading Signal BUYFrankPro Signal for EURCAD_101 Type: Screen Signal: BUY TP: 1.51558 SL: 1.51246 Entry Price: 1.51294 Analysis for EURCAD Forecast Overall(Short-Term, Long-Term): ST= Probably Up LT= Probably Up Forecast Methods(Short-Term, Long-Term): ST=Up LT=Up ST=Up LT=Up ST=Same LT=Same Analysis Method(0) Based on the provided analysis, here are my conclusions for the EUR/CAD currency pair: **Short-term (next few days/weeks):** * The pair is expected to test the resistance zone around 1.5000, which could lead to a rollback towards support levels. * A decisive bullish breakout above 1.5026 could suggest the end of the downtrend. * The trend appears to be up on the four-hour and one-hour charts, with intraday support at 1.14928. * Considering these points, I expect the price to **go up** in the short-term, potentially breaking out above 1.5026. **Long-term (next few months):** * Both the ECB and BoC are expected to cut interest rates, which could influence the EUR/CAD pair. * The ECB's potential aggressive rate cut could provide upside for EUR/CAD. * The Canadian Dollar is facing downside pressure due to external factors such as the US election risk and lower Crude Oil prices. * Considering these points, I expect the price to **go up** in the long-term, as the ECB's rate cut and external factors could bias EUR/CAD to rise. Overall, both short-term and long-term analyses suggest that the EUR/CAD pair is expected to go up, driven by the potential ECB rate cut, external factors affecting the Canadian Dollar, and the current technical setup. Result: ST=Up LT=Up Analysis Method(1) Based on the analysis of the provided data, here are the expected price movements for the EUR/CAD currency pair: **Short-term (next few days to a week):** * The price is expected to **go up** slightly in the short term, with a daily high forecast of $1.509578 for October 31, 2024. * However, there is a prediction that the EUR/CAD rate might **fall** to around $1.493272 in the next week. **Long-term (next month to a year):** * The price is expected to **stay the same** with minimal changes in November 2024, with a forecasted range between 1.502 and 1.509. * Looking ahead to 2025, the EUR/CAD rate is forecasted to **go up** slightly, with a predicted rate of around 1.510 in October 2025. It's worth noting that the market sentiment is currently bearish, but technical indicators show mixed signals, which may indicate some uncertainty in the market. The 14-day RSI is neutral, and the current rate is above the 200-day SMA but below the 50-day SMA, which may suggest a potential reversal or consolidation in the short term. Result: ST=Up LT=Up Analysis Method(2) Based on the analysis provided, here are my conclusions: **Short-term (next few days):** The price is expected to **stay the same** with a slight fluctuation. The predicted range of 1.453 to 1.542 suggests a relatively stable market with minor price movements. **Long-term (remainder of 2024 and into 2025):** The price is expected to **stay the same** with no significant downtrend or uptrend predicted. The overall trend is stable with minor fluctuations. It's worth noting that the forecast for November 2024 suggests a slight increase in the rate, but this is not a strong indication of a major uptrend. Overall, the analysis suggests a stable market with minor price movements in both the short-term and long-term. Result: ST=Same LT=Same
Long
by orbborisson
EURCAD Wave Analysis 4 November 2024 - EURCAD reversed key resistance level 1.5160 - Likely to fall to support level 1.5100 EURCAD currency pair recently reversed down from the key resistance level 1.5160 (which has been steadily reversing the price from the start of August as can be seen below), strengthened by the upper daily Bollinger Band. The downward reversal from the resistance level created the daily Japanese candlesticks reversal pattern Dark Cloud Cover – which marked the end of the previous ACB correction 2. Given the strength of the resistance level 1.5160 and the overbought daily Stochastic, EURCAD currency pair can be expected to fall to the next support level 1.5100, the former resistance from October.
Short
by FxProGlobal
EUR/CAD Approaches Key Resistance Level on the Daily ChartEUR/CAD is currently trading near its highest resistance level since 2021, around 1.5200. This price zone has been tested multiple times in recent months, indicating strong resistance that the market has struggled to overcome. The repeated testing without a definitive breakout suggests that selling pressure may be building, which could lead to a reversal if the support below is breached. Key Resistance at 1.5200: This resistance level has been challenged several times, establishing it as an important psychological barrier in the market. The ongoing difficulty in breaking through this area supports the notion that a retracement could occur in the coming weeks. Support at 1.5075 (Potential Trigger Level): The 1.5075 level is identified as a significant support point in the short term. If the price drops below this level, it could generate considerable selling pressure, indicating that the pair has lost critical support and triggering potential short positions. Potential Selling Opportunities: Given the recent behavior of testing resistance and the absence of a sustained breakout to the upside, the current market structure suggests a possible sell-off. The trading plan may include: Short Entry: A short position could be considered if the price breaks below 1.5075, confirming the loss of support and signaling a potential reversal. Upon this breach, EUR/CAD could decline towards the 1.4900 level, where another crucial support area exists on the daily chart. Alternative Scenario: Conversely, EUR/CAD remains in an uptrend (as indicated by the black trendline on the chart), suggesting that a breakout above the 1.5200 resistance might still occur. If this level is surpassed and the price maintains above it, EUR/CAD may transition into a new price range. In this scenario, the current resistance might turn into support, with the potential for EUR/CAD to rise towards the 1.5350 region in the coming days, where additional resistance can be anticipated on the daily chart. Caution Against Fake Breakouts: Levels of resistance in EUR/CAD present ideal scenarios for fake breakouts that can lead many traders to incur losses. A fake breakout occurs when the price temporarily breaks above or below a relevant level, only to reverse quickly, misleading traders. These often manifest as candles with large wicks or tails. Therefore, it is crucial to seek confirmation before entering a trade to mitigate the risk of getting caught in such false movements. Monitoring Key Levels In summary, as EUR/CAD approaches significant resistance at 1.5200, traders should carefully monitor both resistance and support levels. A prudent approach will involve waiting for confirmation of price movements before entering positions, particularly in the context of potential fake breakouts. Disclaimer: 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Past performance is not necessarily indicative of future results. The value of investments may fall as well as rise and the investor may not get back the amount initially invested. This content is not intended for nor applicable to residents of the UK.
by Marketscom