EUR/CAD is trading a narrow range on the day, 5-DMA caps upside in the pair. Technical studies are biased bearish. RSI and Stochs biased lower, RSI weakness seen below 50 levels. Daily cloud offers strong support at 1.4758 ahead of 50-DMA at 1.4738. Break below 50-DMA will see further weakness. Scope then for test of 200-DMA at 1.4640. MACD shows bearish...
Pretty slow moving pair lately but we could have a potential short on the touch of the 50 fib retracement level & touch of its countertrend line. Price broke out of its channel so overall still looks bearish..
Looking to long if retest at 1.4735 or form higher low. As long it did not bring below the X point, I will look for long opportunity. Reward to risk for this analysis is 3:1
Currency pair - EUR.CAD Chart time frame - 4hr Area of interest - 1.4735 & 1.4685 Chart pattern - Bullish Bat Potential target 1 - 1.4892 Potential target 2 - 1.4988 Potential extended target - 1.5048
For the Bullish Gartley BUY Breakout ONLY
Hey traders, On the EURCAD we have a potential bullish bat pattern taking shape on the 4 hour timeframe around the 61.8% Fibonacci retracement. Cheers
Strong and fresh supply level for swing term position, I'll sell at the supply level, If the price will breakout the confirmation zone it indicates the price tend to reach the supply level, there is a space of 80 pips between the confirmation zone to the supply level, we can use this space and try to look for intraday buy position.
The dominant pattern of the EUR/CAD exchange rate is a six-month descending channel. The Euro bounced off its upper line circa 1.5150 late in October and has since fallen down to 1.48. During its last wave up in this long-term pattern, the pair was likewise restricted by a junior channel down. This pattern, however, was breached on Friday when Canada’s data...
Like i explained in the chart, one more down move is possible.
Description in chart ...
Price retest the neckline at the structure and make double top. you can short now or wait until rising wedge broken
Price most likely will go back to the bottom of channel before making a decision on direction. A break of the counter trend line will send this pair to resistance. CAD news in the morning lets see how this plays out..
Here I have identified an opportunity to grab a short position on the EUR/CAD with today being a major economic day for the USD I believe it will trigger a shift in the Euro zone.
Currency pair - EUR.CAD Chart timeframe - 15mins Area of interest - 1.5018 & 1.5040 Chart pattern - Bearish Cypher Potential target 1 - 1.4986 Potential target 2 - 1.4967 Potential extended target - 1.4952