With the DTF TDI signalling SELL and the H4 TDI signalling BUY its unclear which way this pair are headed. EURCAD is in a down trend as long as we remain below the 200 sma on H4 and DTF so the BULLS will need to take the price above 1.4279 to change the BEARISH picture.
Price may head north initially but as long as we remain under 1.42 any pullbacks should be sold
i've already published few days ago an idea on this pair. Unfortunately we weren't able to take advantage of that idea, but now price has given us a second chance. It has came back to retest the daily structure level (that also lines up with the 618 retracement and a round number) and has formed a nice pinbar showing us some buying rejection.
i wanted to share with you this simple structure play. If you zoom out or if you give a look at the daily chart, you'll see that we are now testing a key structure zone on the daily. Therefore i use to lower a timeframe in order to catch an inversion with nice risk to reward ratio.
This level also lines up pretty well with the 618 retracement and the...
The market should test the 50% fib retracement triggering a reversal for the continuation of the downtrend in the price movement of the EURCAD over the following week.
EURCAD : LONG buy limit
RR = 6.08
EURCAD : SHORT sell limit
EURCAD is sitting between the 200 and 100 sma on the DTF and needs to clear 1.4413 to make further progress.
TDI studies are mixed with H4 BEARISH and H1 and D1 neutral to mildly BULLISH.
Difficult to suggest where we are headed next week with such mixed signals.
Above 1.4413 look to BUY
Below 1.4243 suggest a move lower.
On the 4 hourly timeframe on the EURCAD I'm looking to enter long at the previous structure area that we have recently broken.
Enter is at 1.43150. Target will be the gap that is yet to be filled at 4.46550 area. Stop loss is for you guys to figure out :)
Good luck traders! Updates will follow.
EURCAD has pushed impressively north and has broken through critical resistance of the 200 day sma on the DTF. With studies overbought, a retrace looks inevitable from these levels.
As all EUR pairs, we await the outcome of ECB President Draghi's speech on Monday.
Anything remotely hawkish or even anything not dovish could set the euro on the path for bigger gains...
i wanted to share with you this setup for i've found lots of different clues pointing in the selling direction. As you can see in the illustration above we have: Cypher pattern (already completed), daily structure, an engulfing shooting star candle, a round psychological number, RSI divergence and RSI overbought condition all together in the same...
EURCAD has moved impressively off the 38.2 Fibonacci level at 1.3791 and has put in an impressive Marubozu candle with no wicks on Friday. This is a very strong BULLISH sign but that was last week and sentiment may have shifted over the weekend. Technically a run to 1.43576 is possible being the 200m sma on D1 but with H1 and H4 conditions heavily overbought its...
earlier today i've posted another idea about this pair, but the scenario is now changed. As you can see price broke through the previous support and it's now sitting right into previous resistance (that should also provide some selling pressure).
In this resistance zone we also have some confluence: a bat pattern (just completed), a psychological round...
some simple price action analysis here. On the daily timeframe price is going to retest previous support that once broken should become resistance. On the lower timeframe (4h) we can see some different clues pointing in the same direction: first, a butterfly pattern that's completing very close to the structure (black line), second, a .618 and a .382...
Price has opened at the support trendline today
Stochastic is oversold and currently turning upwards from that area.
Weak CAD can be seen in both USDCAD and here, EURCAD.
Not too good R:R ratio, but this trade fits my technical strategy so I will take it.
Have less emotion, and be more patient.
Good luck comrades.
Daily momentum down
4H strong support level break re-test (resistance now)
Pin bar + closing below = momentum advance
Short scalp for 1:1
Closing the position for less than 1% loss if we see break to the upside.