Canadian Dollar has been impressive for couple of days and is expected to continue for the early part of next week which will drag EURCAD further down to 1.45 region. From this level, EURCAD is expected to reverse to commence a new rally to the upside
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EURCAD - Short
Entering short because of the consolidation.
i have entered short now for reasons such as
>it doesn't seem to be able to make HH's
>Daily TF we are down trending
Will be entering again once there is a breakout candle to the downside.
Any questions feel free to ask
descending triangle formation on EURCAD .
on focus is the horizontal support.
if bears break below it, most likely, selling volumes will increase and we will see bearish continuation to lower levels of structure.
T1 - 1.455
T2 - 1.451
Want to know where stop will be? Leave a comment :)
*remember, that the...
EURCAD (1H) – intraday bearish bias
The euro came under pressure following a double top formation near 1.4710 on the 4H chart. More sellers joined the pullback as the price broke the 1.4630 support along with a bearish MA cross. A trendline has been established as a strong resistance, and the immediate target can be found at 1.4590.
Ignoring the strong supporting trendline on the weekly time frame. My bias is bearish to the strong supporting higher time frame level.
Retest of the lows before a potential reversal is considered. However if the weekly candle closes bearish then next week we could potentially look at price retesting the underside of the trend line.
Following the big moves in euro after yesterdays european central bank meeting and the Euro spiking higher on lower than expected levels of Quantative easing being announced. The move higher has taken Euro Cad to the upper levels of the descending channel as per our trading view chart work. This coincides with extreme overbought levels on...