Setup: Support and resistance retracement
Sentiment: Bearish
Trend: Bearish
Expectation: Price to bounce of previous high resistance level and move down hitting various support levels with a possible move to previous low or continuing the bearish nature and moving lower.
EURCAD BUY MOVEMENT
Starting in July 2020, the price has been falling in a descending channel, practically not going beyond it. In February, the price managed to break through the strong resistance line 1.543 during the fall. This line is one of the strongest on the chart - it was formed in August 2012. After the fall, the price moves to the support line - the...
A short opportunity can be found on the EURCAD (4hr chart), please see rationale below:
1) Long term down trend (Daily chart)
2) Short term down trend (4hr) Black line
3) Recent historical price shows good opportunity to sell near 50 EMA Amber line (4hr chart)
Ideal for swing and day opportunities.
I could be a little early on the entry. But those who wish to...
With price rejecting January low, the market is considering the possibility of a bullish reversal for this pair. However, we see a strong likelihod for price to continue its downtrend towards 1.52500 a QP level and 1.51739 a daily OB level where we can see the possibilty of a stroger rejection leading to a possibly bullish reversal.
Trading Signal:
There is a Trading Signal to Buy in EURCAD Currency Pair.
Traders can open their Buy Trades NOW
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This move looks exhausted, I want to begin to see the bulls take control of this pair. I think a dip into the order block is likely before upside continuation into the targets marked.
Market structure is currently following the Wyckoff Theory, we've seen the spring, we've seen the retest, could this be the last point of supply? Reaction off the .382 fib this morning will likely see the continuation of the bull run at least up to the previous daily highs of last week.
Possible short opportunity on EURCAD.
There has been rejection at resistance (previously was support) and momentum may be turning bullish.
If price moves below the 200 day EMA this gives an indication of bearish momentum and so we could see price break the trend line at 1.5490 and head to the 1.5340 level or the 1.52000 level. At these levels, we have seen...
Trading suggestion:
. There is a possibility of temporary retracement to suggested support line (1.5495). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. EURCAD is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
....
I am expecting to see price to start fall if the price meet the resistance line and should fall to - 1.532 support area. Wait for a clear price action to make entry.
This is great for short/mid term trading, Trade at your own risk.
Trading suggestion:
. There is a possibility of temporary retracement to suggested support line (1.5363). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. EURCAD is in a range bound and the beginning of uptrend is expected.
. The price is below the 21-Day WEMA which acts as a dynamic...
Update on the previously posted EURCAD analysis. Price hit our area of interested and dropped. On a smaller timeframe you will be able to see a correction.
