Good morning traders,
And welcome to a new week- our recent tradingview charts were unfortunately removed due to us breaking house rules of including our website in the title. So we are reposting this Euro Canadian Dollar setup from Friday which is still live.
Looking at short setup on Euro versus Canadian dollar as multiple technical indicators line up to show...
EURCAD i am looking ofr one more drive to the upside in the region of the yellow liquidity box and then a sell off of a minimum of 50 pips. The yellow box is where many banks and hedge funds place large selling orders and we are looking to get in with them. We also could have a potential triple top off the 1.50500 region.
EURCAD forming a wedge on the 4hr timeframe and coming up to resistance.
Resistance at EMA 200 on the daily timeframe and EMA 800 on the 4hr timeframe.
Ideal entry at 1.51200, targeting 1.51000 and 1.50500 respectively.
As you can see EURCAD recently has reached to a key level where this pair has acted as a support and resistance in the past. Once again we have seen a rejection at this level. Just waiting for the current 4h candle to engulf the previous green candle and will be shorting from here.
Initial tp will be 1 ATR which is around 45 pips and manage from there...